Justice H C Mishra reserved the order on Koda's bail petition, which contested that only Rs 20 crore was detected by the probing agency and how could the case sustain to the tune of Rs 1,340 crore and that he was not related, directly or indirectly, in the case.
The counsel, representing the Enforcement Directorate, objected the bail petition on the ground that there was direct involvement of Koda in the case.
On September 25, charges had been framed in the court under the Prevention of Money Laundering Act against Koda and five of his alleged aides under Section 4 of the PMLA, 2002, pertaining to a total of Rs 3,549.72 crore.
Out of the total amount, the ED had accused Koda of making illegal investments worth Rs 1,340 crore and the rest by the other five accused.
Koda is in judicial custody from November 30, 2009 following the October 31, 2009 countrywide raids by ED and IT on 69 premises.