Shell companies News

During the raids, police recovered two mobile phones, 11 cheque books, eight ATM cards, three PAN cards, a company seal, and documents related to the fake company’s registration.  

SFIO has taken a big action against the shell companies of China operating in India. SFIO arrests director of Jillian Consultants. The director of Jillian Consultants was trying to escape to Nepal via Bihar.

Partha Chatterjee appears to be facing more trouble Now, three companies with his son-in-law, Kalyanmoy Bhattacharya as Director, are now under the ED scanner The ED is probing the money trail in the WBSSC scam

It was found that the group had borrowed funds from banks on interest and diverted to other group companies free of interest for investments in properties The search also revealed that the group had purchased about 800 acres of land worth at least Rs 500 crore, in the names of various shell companies Applicability of the Prohibition of Benami Property Transactions Act, 1988 to these transactions is being examined

More than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1000 crores over the period A subsidiary of Chinese company and its related concerns have taken over Rs 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India Incriminating documents in respect of hawala transactions and laundering of money with the active involvement of bank employees and CAs accountants have been found

The Pakistani money in Swiss banks had fallen by over 20 percent in 2017 (to CHF 1,115 million) and by 6 percent in 2016. Before that in 2015, these funds had risen 16 percent.

The Serious Fraud Investigation Office has also started probe into a few cases related to these companies.

Continuing the clampdown on illicit fund flows, the Ministry of Corporate Affairs has already struck off more than 2.24 lakh companies that have not been doing business for long and has disqualified over three lakh directors associated with such entities.

Over 60,000 shell companies have been closed down in Maharashtra so far, industries minister Subhash Desai stated in a written reply in the Maharashtra state assembly.

The Income Tax Department started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year.

Last month, the government imposed restrictions on operations of bank accounts of over 2 lakh 'struck-off' companies.

Union minister P P Chaudhary on Thursday said that the government will examine profiles of all disqualified directors and non-compliant companies which are tarnishing image of good ones

After the recent crackdown, the total number of directors disqualified by MCA has reached three lakhs.

The regulator is of the view that a detailed examination or audit should be undertaken to unearth the entire extent of violations.

Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.

JVL is at least the eighth firm against which the Securities and Exchange Board of India (Sebi) has ordered a forensic audit.

The MCA is in the process of cancelling the registration of 2.09 lakh companies that have not been carrying out business activities for a long period.

Government said more than 1.06 lakh directors would be disqualified for their association with shell companies.

More than 1.06 lakh directors will be disqualified for their association with shell companies, according to the government, as it steps up the fight against black money.  

It is alleged that during the year 2015, unidentified officials of Punjab National Bank (PNB), Mint Street branch, Chennai, entered into a criminal conspiracy with 19 accused companies which were account holders in the branch.