New Delhi, Dec 3 (IANS) The Enforcement Directorate Thursday raided the offices of realty major Emaar MGF and homes of several board members in and around Delhi in connection with the multi-crore money laundering scam involving former Jharkhand chief minister Madhu Koda.

Emaar has also been charged with alleged violation of foreign exchange rules and diverting money abroad.

"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 told IANS.

"We are also searching the residences of some board members who have links with Madhu Koda," he added.

"We cannot say anything at this moment. The operation is still on. We can comment only after it is over," he said.

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.

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.

According to sources in the Enforcement Directorate, several Emaar MGF board members are directly linked to Koda's allegedly illegal transactions.

Apparently, Koda used these Emaar MGF board members to send money out of the country in violation of FEMA regulations.

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.

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.

It is building the participants' village for the Commonwealth Games here next year.