Ranchi: Jharkhand High Court monday rejected a bail petition moved by former chief minister Madhu Koda in a money laundering case against him pertaining to Rs 1,340 crore.
Justice H C Mishra, who had on Friday reserved the order, dismissed the petition after the counsel of the Enforcement Directorate objected the petition on the ground that there was direct involvement of Koda in the case.
Koda contested that only Rs 20 crore was detected by the probing agency and how could the case sustain to the tune of Rs 1,340 crore and that he was not related, directly or indirectly, in the case.
On September 25, charges had been framed in the court under Section 4 of the Prevention and Money Laundering Act, 2002 pertaining to a total of Rs 3,549.72 crore.
Out of the total amount, the ED had accused Koda of making illegal investments worth Rs 1,340 crore and the rest by the other five accused.
Koda is in judicial custody from November 30, 2009 following the October 31, 2009 countrywide raids by ED and IT on 69 premises.