SUMAN K SHRIVASTAVA
Ranchi, May 20: The Jharkhand High Court has granted anticipatory bail to Sanjay Rungta, one of the directors of M/s Khari Cement in a money laundering case linked to former Chief Minister Madhu Koda and his associates.
Hearing a petition, a single bench of Justice Gautam Kumar Chaudhary ordered to enlarge Rungta on bail after he surrenders within a period of two weeks from the date of this order i.e. May 18.
Rungta’s counsel Pandey Neeraj Rai stated that there is no material against him to show that the company or its Directors were involved in cheque and cash which was being invested in the company.
He further submitted that the amount that was invested was drawn by cheque from other company and the company is a reputed cement company and it is nowhere alleged that it was a Shell company.
Lastly, Rai submitted that after investigation, the prosecution complaint has also been filed and there is no further requirement of custodial interrogation and it is not in dispute that Rungta has fully cooperated in the investigation.
The Directorate of Enforcement counsel, Amit Kumar Das, however, opposed the prayer for bail. He submitted that Rungta is one of the Directors of the Private Limited Company and the crime proceeds were invested in this Company of the crime proceeds that was generated by the then Chief Minister Madhu Kora which was routed through Shell company.
Das submitted that proceeds of the crime to the tune of Rs.6,07,21,821 was concealed and invested in M/s Khalari Cement Ltd. in an attempt to project the tainted property(s) as untainted one. The modus operandi involved is the investment of collected cash in shell company engaged in business of trading and non-trading banking transactions and the amount was transferred by the cheque.
He submitted that Vikash Sinha who used to receive the bribe amount on behalf of Madhu Kora invested in the shell company(s) through the Shell company.
According to the ED, Madhu Koda who held the office of Minister of Mines and Cooperative from February, 2005 to September, 2006 and of the Chief Minister of Jharkhand from September, 2006 to August 2008, acquired money through corrupt and illegal means.
The properties were acquired by corrupt means were invested in collusion with his accomplices to project it as untainted.
