Koda made illegal profits from govt schemes: I-T dept

If the Income Tax department is to be believed then former Jharkhand Chief Minister Madhu Koda did not spare even government schemes for allegedly making illegal profits for himself.

The I-T department officials, who have been scrutinising the voluminous documents of Koda, alleged that the former Chief Minister had made an investment through his associates in the government-sponsored rural electrification programme in Uttar Pradesh and earned a profit worth Rs 30 crore.

According to the documents seized during searches at Lucknow, the Income Tax department claimed to have found that Koda through his associates had made straight away profit of Rs 30 crore in a rural electrification contract worth Rs 150 crore in Lucknow.

The I-T officials said Koda had also made an investment worth about Rs 22 crore in a leading glass manufacturing company -- Indo Asahi -- which they claimed to be a part of his alleged illegal wealth accumulated during his tenure as Minister and later as Chief Minister.

The I-T officials alleged that the money was routed to the glass company through newly floated financial companies Anjani Putra Ispat and Creative Fiscal Services by Koda.