Money Laundering by Indian Politicians

Money Laundering is not new phenomenon to the Indian politicians. There are several politicians who are facing the heat from the various law enforcement agencies such as Enforcement Directorate. This story is of the top five politicians who are alleged in money laundering in India.

Madhu Koda

Madhu Koda is the undoubted winner in this list of politicians who laundered money with alleged laundering worth Rs.3356 crores. He was the Chief Minister of Jharkhand.Madhu Koda, along with two senior colleagues, allegedly used siphoned off government funds to purchase coal mines in Liberia and properties and other assets in locations ranging from Indonesia and India to Hong Kong and Thailand. They then allegedly received kickbacks from the granting of iron ore mining leases and contracts for rural electrification in Jharkhand. According to press reports, Indian authorities reportedly uncovered details of transfer of at least $110 million (about Rs 550 crore) to a frontman in Dubai for overseas investments and acquisitions by Koda’s associates.

Dayanidhi Maran

Dayanidhi Maran is the former telecom minister of India. The CBI says that in 2006, Dayanidhi Maran, as Union Telecom Minister, misused his office to coerce the then owners of telecom Aircel to Malaysia’s Maxis Group. A criminal case that accuses Mr Maran of corruption and conspiracy alleges that in exchange, Maxis paid “illegal gratification” worth more than 700 crores, a part of which was allegedly invested in a media company that is part of the Sun Group, owned by Mr Maran’s brother, Kalanithi.

Jaganmohan Reddy

The Enforcement Directorate (ED) that is investigating the disproportionate assets case against YSR Congress president Jaganmohan Reddy has filed its first chargesheet in the court of metropolitan sessions judge at Nampally charging Jagan, his auditor V Vijay Sai Reddy and Jagathi Publications (publishers of Sakshi daily) with money laundering. The agency relied on the the chargesheet filed by the CBI against Jagathi Publications, and tracked the trail of money, recorded the statements of certain investors in the publishing house for filing the chargesheet.

The CBI chargesheet said Jagan used his father and then chief minister Y S Rajasekhara Reddy’s influence to woo several businessmen to invest in his firms like Jagathi Publications. Even prior to the launch of Sakshi newspaper, Jagan and his auditor Vijay Sai Reddy influenced reputed auditing firms like Deloitte to get the value of Jagathi publications assessed at a higher value of Rs 3050 crore and accordingly got the share value fixed at Rs 350, the CBI said. Basing on such an unrealistic value, they either lured or coerced the businessmen into investing in Jagathi.