The Supreme Court on Monday granted bail to former chief minister of Jharkhand, Madhu Koda, in one of the money laundering cases, reported Press Trust of India.
However, Koda will continue to remain behind bars as he faces two other cases of money laundering, tax evasion and bribery. He was lodged in Birsa Minda Central Jail, Ranchi, for the past two years.
A bench headed by Justices HL Dattu and Ranjan Gogoi approved Koda's bail.
Koda was arrested by the Enforcement Directorate (ED) in November 2009 after the Income Tax Department and the ED accused him of his involvement in a ₹2,500 crore scam of financial irregularities. In 2012, the ED had also filed charges against him for holding ₹200 crore of immovable and movable properties.
Only days ago, Koda had confirmed vital clues, provided by former accomplice Anil Bastawade, in the ₹4,000 crore illegal money laundering scam.
Bastawade was detained in Jakarta by Interpol after the CBI alleged the businessman had tapped nearly ₹250 crore from the Koda government in pretext of paying for the coal mines.
The ED's report, submitted in Jharkhand court, claimed that about ₹3,536 crore was allegedly siphoned by Koda and associates and the money was invested in real estate, mining and other business ventures.
The status report stated that Koda alone swindled around ₹1,340 crore of government funds, while the rest of the money was allegedly handled by his associates.
Sources said Koda had purchased nine luxurious properties in Dubai with the money via a real estate company owned was Bastawade.
