Mumbai: The investigations into the alleged multi-crore hawala scam involving former Jharkhand chief minister Madhu Koda has revealed that one of his close associates deposited over Rs 640 crore in two years in a public sector bank here.
The money was deposited between 2006 and 2008 in Mumbai`s Zaveri Bazaar branch of Union Bank of India.
The details obtained from the bank also show transactions worth Rs 991 crore during the same period in the now blacklisted account.
The investigations have revealed that these transactions clearly violated the norms of Reserve Bank of India (RBI) and the Zaveri Bazaar branch of UBI failed to inform the central bank or any financial intelligence unit when such huge amounts were being transferred.
The findings have now raised suspicion whether the bank officials were also hand in glove with Koda`s men.
These transactions were done by Balaji Bullion`s Manoj Punamiya, who is a frontman for Koda.
The Income Tax (I-T) department and the Enforcement Directorate (ED) have also confirmed that Koda invested about Rs 100 crore in land mines in Thailand.