<p>Emaar has also been charged with alleged violation of foreign exchange rules and diverting money abroad.<br /><br />"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," a source at the directorate said.<br /><br />"We are also searching the residences of some board members who have links with Madhu Koda," he added.<br /><br />"We cannot say anything at this moment. The operation is still on. We can comment only after it is over," he said. <br /><br />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. <br /><br />Currently at the centre of a Rs.2,500-crore money laundering scam, Koda is alleged to have swindled from the treasury to build a personal fortune. But he has denied any wrongdoing. <br /><br />According to sources in the Enforcement Directorate, several Emaar MGF board members are directly linked to Koda's allegedly illegal transactions. <br /><br />Apparently, Koda used these Emaar MGF board members to send money out of the country in violation of FEMA regulations.<br /><br />The company has also been accused of bringing money into the country in violation of foreign exchange rules, and using this fund to buy agricultural land.<br /><br />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. <br />It is building the participants’ village for the Commonwealth Games here next year.<br /></p>
<p>Emaar has also been charged with alleged violation of foreign exchange rules and diverting money abroad.<br /><br />"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," a source at the directorate said.<br /><br />"We are also searching the residences of some board members who have links with Madhu Koda," he added.<br /><br />"We cannot say anything at this moment. The operation is still on. We can comment only after it is over," he said. <br /><br />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. <br /><br />Currently at the centre of a Rs.2,500-crore money laundering scam, Koda is alleged to have swindled from the treasury to build a personal fortune. But he has denied any wrongdoing. <br /><br />According to sources in the Enforcement Directorate, several Emaar MGF board members are directly linked to Koda's allegedly illegal transactions. <br /><br />Apparently, Koda used these Emaar MGF board members to send money out of the country in violation of FEMA regulations.<br /><br />The company has also been accused of bringing money into the country in violation of foreign exchange rules, and using this fund to buy agricultural land.<br /><br />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. <br />It is building the participants’ village for the Commonwealth Games here next year.<br /></p>