Sleuths scan shell firms - News Summed Up

Sleuths scan shell firms


A few more assets will be attached soon under the anti-money laundering law," a senior ED official said. He added that the ED and the I-T department had zeroed in on about 200 dummy or shell companies in the country and abroad that were being used to route or receive funds as part of the alleged fraud. It is suspected that the shell firms were being used by the accused to launder money and create benami assets in the form of land, gold and precious stones, which is now being probed by the tax department. Both the ED and the IT department have formed special teams to investigate the case, sources said. The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,694 crore till now.


Source: The Telegraph February 18, 2018 20:03 UTC


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