Mumbai based Balaji Bullion has emerged as one of the focal points for the multi-agency investigations into the Rs 2,000 crore illegal investment and hawala scam in which former Jharkhand Chief Minister Madhu Koda and his associates are accused.
Official sources said the Enforcement Directorate team, which was in Mumbai to examine records of some of the alleged front companies of Mr. Koda and his men, has found “discrepancies” in the documents of the firm.
Sources said the firm, which is into the business of import and export of gold and diamond jewellery, is also under the scanner of the Directorate of Revenue Intelligence for the same irregularities.
They said though the company was formed years ago, Mr. Koda’s close associates- Arvind Vyas, Manoj Punamiya and Lalit Jain beside others- had become part of its board by acquiring major stake in it when the former CM was in power.
Investigations are also on to find out the authenticity of the export and import as shown in the record books of the firm.
The sources said it is suspected that fake invoices could have been made to route the multi-crore hawala money of Mr. Koda and his partners, who have been booked under the Prevention of Money Laundering Act.