Unbridled greed root cause of corruption: Pranab

Unbridled greed root cause of corruption: Pranab

Unbridled greed root cause of corruption: Pranab

Finance Minister Pranab Mukherjee addresses a Press Confererence at Ranchi on Wednesday. PTI

"The motive of making too much money in too short a period due to unbridled greed is the root cause of corruption," Mukherjee said at a news conference when asked about the root cause of the Koda scam.

Former chief minister Madhu Koda and three of his former cabinet members are under judicial custody in connection with separate cases relating to disproportionate assets case.

During raids on the premises of Koda and others on October 31, the IT department has reportedly found evidence of hawala transactions and illegal investments to the tune of Rs 2,000 crore in the backdrop of Enforcement Directorate booking them in the Rs 4000 crore money laundering scam.

"Unless the investigation is over, the motive would be difficult to find out. But surely there were certain lacunae in the system which, of course, will be found out in the investigation," Mukherjee, a senior Congress leader, added.

On whether the names in the diary reportedly found during raids would come under the purview of the probe, Mukherjee said all pieces of information available from whichever sources would be looked into.

Clearing the air on investigations by various agencies, Mukherjee said the Income Tax department is looking into the tax evasion part, the ED is probing money laundering scam and the state vigilance is looking into the disproportionate asset cases.

Describing as unfortunate the Jharkhand's political situation over the years, he expressed hope that people would give mandate for a stable government in the elections.

Lack of majority on the floor and various combinations failed to provide a stable government leading to the President's rule, he said.

Jharkhand has seen six governments in the last nine years, with four being witnessed between 2005 and 2008.