The government has reportedly referred 18 "shell companies" to the Serious Frauds Investigation Office (SFIO) for depositing in, and withdrawing from, banks large sums of money during demonetization.
Reportedly, all shell companies that had dealings of over Rs 100 crore DeMo/ReMo have been referred to the SFIO. Depending on the investigations, the government may decide its next step.
Further, the ministry of corporate affairs has ordered the regional directors to scan the records of other companies, many of which operated thousands of bank accounts, which had smaller deposits.
Separately, the income tax department and the Enforcement Directorate are also probing companies for violation of other laws.
SFIO to look into records of 18 shell companies
By IndianMandarins - 2017-11-22 10:15:39
The government has reportedly referred 18 "shell companies" to the Serious Frauds Investigation Office (SFIO) for depositing in, and withdrawing from, banks large sums of money during demonetization.
Reportedly, all shell companies that had dealings of over Rs 100 crore DeMo/ReMo have been referred to the SFIO. Depending on the investigations, the government may decide its next step.
Further, the ministry of corporate affairs has ordered the regional directors to scan the records of other companies, many of which operated thousands of bank accounts, which had smaller deposits.
Separately, the income tax department and the Enforcement Directorate are also probing companies for violation of other laws.
