Shell Companies

Timelines
Demonetization: Hyderabad firm that deposited Rs. 3,000cr missing from registered-address

31 Jul 2018

Demonetization: Hyderabad firm that deposited Rs. 3,000cr missing from registered-address

A Hyderabad-based company that suspiciously deposited and withdrew Rs. 3,178cr during demonetization is nowhere to be found at its registered address, TOI reports.

114 companies, 1-room: Kin of tainted Satyam founder under scanner

26 Jul 2018

114 companies, 1-room: Kin of tainted Satyam founder under scanner

In a shocking discovery, the family members of founder and ex-chairman of Satyam, B. Ramalinga Raju were found operating 114 shell companies from a one-room office in Hyderabad.

Chhagan Bhujbal and Jagan Reddy in ED's list of launderers

24 Nov 2017

Chhagan Bhujbal and Jagan Reddy in ED's list of launderers

The Enforcement Directorate (ED) has released its list of top money launderers and shell companies they used to transact unaccounted money.

Demonetization anniversary: I-T gears up to catch the "big fish"

06 Nov 2017

Demonetization anniversary: I-T gears up to catch the "big fish"

As the demonetization anniversary nears, I-T is actively engrossed in bringing into its net the "big fish" owning unexplained wealth.

Several companies owned hundreds of bank accounts during demonetization!

06 Oct 2017

Several companies owned hundreds of bank accounts during demonetization!

The government has said that 13 banks have furnished information regarding post-demonetization transactions by a whopping 5,800 suspicious companies.

Investigation: Over 800 'firms' located at two vacant Delhi addresses

31 Aug 2017

Investigation: Over 800 'firms' located at two vacant Delhi addresses

The menace of shell companies is an undeniable reality in India. Last month, PM Narendra Modi announced over 37,000 such firms have already been detected, and registrations of one lakh others have been cancelled.

Kolkata 700001, home of 37 shell companies or even more?

18 Aug 2017

Kolkata 700001, home of 37 shell companies or even more?

After SEBI asked the bourses to take strict action against suspected "shell companies" aka firms that have been created for money laundering, something bizarre was unearthed.

1 lakh deregistered companies to face more action

03 Jul 2017

1 lakh deregistered companies to face more action

After the deregistration of one lakh firms over questionable transactions, the government is launching a multi-pronged offensive against them.

Modi says corrupt won't be spared, 1 lakh firms de-registered

02 Jul 2017

Modi says corrupt won't be spared, 1 lakh firms de-registered

While addressing the foundation day function of the ICAI, PM Modi said the registration of over one lakh companies has been cancelled over questionable transactions.

Sushil Kumar Modi exposes 'sixth shell company' of the Yadavs

28 Jun 2017

Sushil Kumar Modi exposes 'sixth shell company' of the Yadavs

BJP leader Sushil Kumar Modi, who has fired one salvo after another against the RJD's Yadav clan, has now exposed the alleged sixth shell company of the family.

Would've been in jail if allegations were true, says Kejriwal

22 May 2017

Would've been in jail if allegations were true, says Kejriwal

Delhi Chief Minister Arvind Kejriwal called allegations directed by his former cabinet colleague, Kapil Mishra, "baseless."

Kapil Mishra- Kejriwal is involved in 'hawala scam'

19 May 2017

Kapil Mishra- Kejriwal is involved in 'hawala scam'

Sacked Delhi Minister Kapil Mishra has levelled fresh allegations of money laundering against the AAP.

Black money crackdown - CBI investigation uncovers shell company network

08 May 2017

Black money crackdown - CBI investigation uncovers shell company network

The Central Bureau of Investigation (CBI), in its ongoing three-year long investigation into black money, uncovered evidence of a clandestine web of 339 shell companies used to channel funds up to Rs. 290 crore.

9lakh firms don't file their I-T returns : Revenue Secretary

01 May 2017

9lakh firms don't file their I-T returns : Revenue Secretary

While the FinMin keeps on harping about the need to curb black money and prevent methods of offshore money laundering, there seems to be more trouble brewing at home.

4 lakh companies could be deregistered for not filing returns

18 Apr 2017

4 lakh companies could be deregistered for not filing returns

More than one third of the 11 lakh active Indian shell companies face de-registration prospects as they haven't filed their returns since the last 3 financial years.

Shell cos: ED raids CA, CS offices who provided cover

14 Apr 2017

Shell cos: ED raids CA, CS offices who provided cover

The ED has launched raids on offices of professionals including CAs and CSs in Delhi, who are suspected to have provided legitimate cover to shell companies. Notices were sent earlier.

Shell companies: 16 Ahmedabad locations raided over illegal transactions

09 Apr 2017

Shell companies: 16 Ahmedabad locations raided over illegal transactions

CBI raided 16 premises in Ahmedabad after 12 people allegedly deposited demonetized notes worth Rs. 100.57cr in shell companies' accounts in Axis Bank.

ED's shell firms hunt: Raids over 100 places across India

02 Apr 2017

ED's shell firms hunt: Raids over 100 places across India

Enforcement Directorate launched a massive nationwide operation and raided over 100 places across 16 states in a crackdown on shell firms suspected of money laundering on behalf of other businesses/individuals.

Black money: Govt planning to close 6-7 lakh shell companies

28 Feb 2017

Black money: Govt planning to close 6-7 lakh shell companies

The government is planning to close 6-7 lakh shell companies, many of which had deposited large amounts in banks post demonetization.

Government's next target- shell companies, says will freeze accounts

12 Feb 2017

Government's next target- shell companies, says will freeze accounts

The government is determined to weed out shell companies to ensure black money doesn't find a conducive environment to flourish.