SC grants bail to former Jharkhand CM Koda in money laundering case

Last Updated: Fri, Mar 01, 2013 13:11 hrs

The Supreme Court on Friday granted bail to former Jharkhand Chief Minister Madhu Koda in a money laundering case, but he will remain in the jail in connection with bribery and other offences.

Koda's advocate Anshuman Sinha said that the Enforcement Directorate had completed its probe in this case, but the Central Bureau of Investigation (CBI) was yet to file a chargesheet in the case.

"Basically, the enforcement directorate, which is the investigating agency, has said that the investigation against Madhu Koda has been completed and on that ground the court granted him bail," he told media here after the apex court granted bail to Koda.

"There is basically one more case in which the CBI is yet to submit the chargesheet and its investigation is going on for the past two years. That is the only case remaining, in which he is yet to get bail," he added, when asked about the other matters in which Koda still needs bail.

Charges had been framed against Koda, presently lodged in Ranchi's Birsa Munda Jail, by a Jharkhand court on September 25 last year pertaining to laundering of Rs. 3,549.72 crore.

Koda has been accused by the Enforcement Directorate of making illegal investments worth Rs 1,340 crore out of the total amount.

Anil Bastawade, a close associate of Koda, was deported in January from Indonesia to establish the link between them in connection with illegal accumulation of wealth.

The CBI had earlier issued a Red Corner Notice (RCN) against Bastawade on the request of the Enforcement Directorate, which is probing charges of alleged money laundering against the 48-year-old businessman. (ANI)

More from Sify: