<p>The Ministry of Corporate Affairs has ordered the inspection of two companies -- Nataraj Financial and Services and Luxury Exports -- based in Mumbai.<br /><br />According to official sources, the inspection has been ordered after the ministry was tipped off by an investigating agency already probing the Koda case.<br /><br />The inspection has been ordered under section 209 (a) of the Companies Act, under which the Registrar of Companies or the Regional Director can call for documents regarding accounts from a company.<br /><br />Both the companies fall under the jurisdiction of Regional Director Western Region, headquarterd in Mumbai.<br /><br />According to the investigation carried out by the ED and the I-T department, a number of front companies have allegedly been floated by Koda and his associates to invest and subsequently divert the money through Hawala transactions -- an offence under the provisions of the Prevention of Money Laundering Act (PMLA).<br /><br />The Enforcement Directorate had recently arrested two associates of Koda -- Manoj Punamiya and Arvind Vyas -- who the agency has alleged invested and routed money illegally during the tenure of the former chief minister and had carried out transactions within the country and abroad.</p>.<p>The investments were routed through a Mumbai based bullion company, ED sources said.<br />The ED, according to sources, has found that Punamiya had allegedly routed money through bullion markets for purchasing properties in Dubai and other Middle-Eastern countries.<br /><br />The CBI, on August 12 in Ranchi, lodged separate FIRs against Koda, six of his former cabinet members and two of his aides on corruption charges, a week after the high court asked the agency to take up the investigation.<br /><br />Koda was chief minister of Jharkhand between 2006 and 2008. </p>
<p>The Ministry of Corporate Affairs has ordered the inspection of two companies -- Nataraj Financial and Services and Luxury Exports -- based in Mumbai.<br /><br />According to official sources, the inspection has been ordered after the ministry was tipped off by an investigating agency already probing the Koda case.<br /><br />The inspection has been ordered under section 209 (a) of the Companies Act, under which the Registrar of Companies or the Regional Director can call for documents regarding accounts from a company.<br /><br />Both the companies fall under the jurisdiction of Regional Director Western Region, headquarterd in Mumbai.<br /><br />According to the investigation carried out by the ED and the I-T department, a number of front companies have allegedly been floated by Koda and his associates to invest and subsequently divert the money through Hawala transactions -- an offence under the provisions of the Prevention of Money Laundering Act (PMLA).<br /><br />The Enforcement Directorate had recently arrested two associates of Koda -- Manoj Punamiya and Arvind Vyas -- who the agency has alleged invested and routed money illegally during the tenure of the former chief minister and had carried out transactions within the country and abroad.</p>.<p>The investments were routed through a Mumbai based bullion company, ED sources said.<br />The ED, according to sources, has found that Punamiya had allegedly routed money through bullion markets for purchasing properties in Dubai and other Middle-Eastern countries.<br /><br />The CBI, on August 12 in Ranchi, lodged separate FIRs against Koda, six of his former cabinet members and two of his aides on corruption charges, a week after the high court asked the agency to take up the investigation.<br /><br />Koda was chief minister of Jharkhand between 2006 and 2008. </p>