ED seeks to attach Madhu Koda's assets worth Rs 130 crore-13/4/11

ED seeks to attach Madhu Koda's assets worth Rs 130 crore

Mail Today Bureau | New Delhi, April 13, 2011 | Updated 12:26 IST

Utilities Get social Buzz Relateds Former Jharkhand Chief Minister Madhu Koda. The Enforcement Directorate (ED) will write to the Jharkhand government to attach properties worth Rs 130 crore allegedly owned by the state's former chief minister Madhu Koda and his associates in the money laundering case. The move comes after the adjudicating authority gave nod to the Directorate's plea for the seizure of their properties. Sources said the agency will write to governments, including in Jharkhand and Mumbai, seeking their assistance in sealing the accused properties identified as proceeds of crime under the Prevention of Money Laundering Act. The ED had ascertained assets worth over Rs 300 crore owned by Koda and his key aides, Binod and Vikas Sinha, but has got approval for attaching some of these assets which were bought from money laundered. The adjudicating authority believed that the assets were to the tune of Rs 130 crore and were owned by them, while more evidence was needed to confirm their ownership of other properties. As per the adjudicating authority's April 6 order, the properties that would be attached include a land worth Rs 20 crore, three flats, and a 30-acre land owned by Bindo Sinha's company Emaar Alloys. The ED's March 4 chargesheet against Koda had alleged that he had invested Rs 75 crore in share capital of different firms.