Madhu Koda amassed Rs 3,300cr as CM, says I-T report
Madhu Koda has amassed property worth about Rs 3,300 crore during his tenure as CM by misusing his office, the income tax department has said.
By TNN | Updated:
RANCHI: Madhu Koda has amassed property worth about Rs 3,300 crore during his tenure as CM by misusing his office, the income tax department has said.
Koda and his aides are lodged in the Birsa Munda Central Jail in Ranchi and are facing trail in cases lodged by the CBI and the enforcement directorate.
"The I-T department has assessed his total worth to be around Rs 3,300 crore and it has issued notice for payment of tax and fine of around Rs 1,200 crore," said an official. In 2009, raids were conducted at offices and residences of Koda's associates in 70 locations, including Mumbai, Delhi and Kolkata, of the country.
Another official said, "Koda and his aides made fortune and invested money in companies in India as well as abroad. His investment in Dubai was more than Rs 370 crore. The highest amount was invested in Balaji Group which is around Rs 950 crore."
Koda and his aides are lodged in the Birsa Munda Central Jail in Ranchi and are facing trail in cases lodged by the CBI and the enforcement directorate.
"The I-T department has assessed his total worth to be around Rs 3,300 crore and it has issued notice for payment of tax and fine of around Rs 1,200 crore," said an official. In 2009, raids were conducted at offices and residences of Koda's associates in 70 locations, including Mumbai, Delhi and Kolkata, of the country.
Another official said, "Koda and his aides made fortune and invested money in companies in India as well as abroad. His investment in Dubai was more than Rs 370 crore. The highest amount was invested in Balaji Group which is around Rs 950 crore."
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