'Madhu Koda's firm tried Nasdaq listing'

16 January 2012 (RANCHI): Former chief minister Madhu Koda, who is in jail in connection with multi-crore money-laundering scam, had plans to register his company with the world's premiere stock exchange Nasdaq and he had even completed necessary formalities for that, says a book authored by former BJP MLA Saryu Rai.

Rai said on Sunday that his book "Madhu Koda Ka Loot Raaj" was a chronological collection of events and summation of Koda's journey from an MLA to a chief minister and from there to jail. "Every line in the book is backed by sufficient evidence collected by the investigating authorities like the enforcement directorate and income tax authorities," Rai said.

The book depicts Koda regime as a three-tier system. "Initially, he started converting his black money to white by giving in cash and obtaining cheques from different parties in Ranchi, Jamshedpur and Kolkata. Later, he had links with Mumbai-based Hawala traders to invest money in different parts of the country," Rai has mentioned in the book further clarifying that Koda approached a Swedish company and within one year opened more than 100 firms. "He had completed the formalities to get his company registered with Nasdaq which warrants not less than a capital value of $500,000 million," Rai said.

Expressing doubt over the disproportionate assets worth Rs 3,300 crore as unearthed by the income tax department, the book gives an insight into the loopholes of governance. Speaking on behalf of the publishers, Piyush Kumar of New Delhi-based Prabhat Prakashan said democracy can function properly only when corruption is nipped at the bud.

Releasing the book in a ceremony chaired by former DGP R R Prasad, Janata Party president Subramanian Swamy congratulated Rai for documenting the history of ore scam. "Koda was just the flag-bearer who has been pushed forward like A Raja of Tamil Nadu to bear the brunt," Swami said indicating to bigger players working from behind the curtains to reap benefits. He said the contents in the book had been well researched. "Had there been two-three more chapters, I would have awarded doctoral degree to Rai for his research work," he said.

Expressing faith on existing law Swamy said people must learn to cast vote without being influenced by money or cast feelings.

Predicting mid-term parliamentary polls by end of the year, he said crusaders must fight against corruption in every walk of life.

" Anna Hazare, Baba Ramdev have been spearheading a fight whereas I have been using the law to nail the culprits and Rai has come up with a book to educate masses about the role of corrupt leaders in the system," he said. giving an equal score to every small bit of effort made to fight corruption in the system.

Source : TOI