New Delhi, Dec 3 (IANS) Realty major Emaar MGF has denied any link with former Jharkhand chief minister Madhu Koda, at the centre of a Rs.2,500-crore money laundering scandal, after the Enforcement Directorate raided its offices Thursday.
Officials of the directorate also raided the residences of several company board members in and around Delhi for alleged violation of foreign exchange rules that were linked to the Madhu Koda corruption case.

It has been alleged that several board members are directly linked to Koda, but the company has denied this.

“This was a routine search operation by Enforcement Directorate at some of our premises at Delhi today (Thursday). We are cooperating with the investigative agency,” Emaar MGF said in a statement.

“Most importantly as some of the media has reported, the link with Madhu Koda case is baseless. The investigative agency has found nothing to that effect,” it said.

An official at the directorate also said the raids did not have anything to do with investigations into the Koda case.

“The raids were related to the violation of FEMA. There is no link with the Madhu Koda case,” the official told IANS.

“Ten offices of Emaar MGF have been raided in Delhi and Noida in connection with violation of FEMA (Foreign Exchange Management Act) regulations and diverting money abroad,” he told IANS.

“Also, we are searching the residences of some of the board members,” he added.

Koda was the chief minister of Jharkhand from September 2006 to August 2008. An independent legislator, he was supported by the the Congress, Jharkhand Mukti Morcha and Rashtriya Janata Dal.

Koda is alleged to have swindled from the treasury to build a personal fortune. But he has denied any wrongdoing.

Emaar MGF, a joint venture between Emaar Properties of Dubai and MGF Development of India, brought the largest foreign investment in real estate in India in 2005.

It is building the participants’ village for the Commonwealth Games here next year.