New leads have emerged on how a former chief minister of Jharkhand allegedly collected 4,000 crores during two years in office.

Day Three of the income tax raids against Madhu Koda, who led Jharkhand from 2006-2008, show that his reported front was a local  businessman, Binod Sinha. The denial from Sinha was standard: "I am just a businessman, being dragged into a political controversy." That statement, made on local television, hasn't inspired much confidence, partly because Sinha has disappeared in the days since. Also missing, Sanjeev Chaudhary, who allegedly handled  Koda's investments abroad.

The raids have led officials to a Mumbai investment firm where Koda allegedly parked his money, and to Jamshedpur, where a chartered accountant handled the then chief minister's finances.

Koda alleges the raids  are a political conspiracy  by the Congress to malign him ahead of the Jharkhand Assembly elections, to be held in 20 days. Ironically, it's with Congress support that Koda had come to power, giving India its first-ever Independent Chief Minister. Koda's version: by framing him, the Congress is trying to project a clean image  for the elections.