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Wednesday , September 5 , 2012
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Glare back on Koda aide

Ranchi, Sept. 4: The CBI team’s presence at a certain apartment on Kanke Road today in connection with the Coalgate scam once again turned the spotlight on Madhu Koda and Co.

The flat that was raided at Panchwati Apartment belongs to Vijay Joshi, an aide of the former chief minister who is in jail at present with his one-time mentor. Joshi, arrested by the Enforcement Directorate on February 18 last year, was a close associate of Koda’s right-hand man Binod Sinha.

He was allegedly responsible for channelling slush funds to various companies. He was made the managing director of Indo Asahi Glass Company, Ramgarh, after he helped Binod take over the factory at a throwaway price.

The Delhi wing of CBI searched his residential premises as he happened to be a promoter of Vini Iron and Steel Udyog, one of the five companies booked by the investigating agency in the Coalgate scam today.

The ED had filed a chargesheet against Joshi on April 18 last year, charging him with laundering Rs 169.92 crore of unaccounted money siphoned off from the state through forged companies.

Vini Iron, a company with a working capital of Rs 18.95 lakh, had pledged to invest a whopping Rs 880.64 crore in its proposed integrated steel mill in Jharkhand. It had signed an MoU with the state government on September 14, 2006, following which it was also allotted a coal block and an iron ore block in 2010.

However, it is yet to progress an inch as far as its proposed project in Jharkhand is concerned — a 0.6 million tonne per annum capacity steel mill. According to rough estimates, a 0.6MT steel mill requires a minimum investment of Rs 2,500 crore but the company has not even bothered to get equity flow even as details with Registrar of Companies (last updated 2010 figures) pegs its capital at Rs 18.95 lakh and reserves to the tune of Rs 303 lakh.

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