ED said it had issued 597 showcause notices involving violations of the FEMA to the tune of Rs4,600 crore. ED said it had issued 597 showcause notices involving violations of the Foreign Exchange Management Act (FEMA) to the tune of Rs4,600 crore. The agency provisionally attached Rs5,335 crore of assets for suspected violations of the Prevention of Money Laundering Act (PMLA). “In most of the cases in the above modus operandi use of shell companies was an important common factor. And therefore a task force was set up by the government of India on shell companies,” said the ED in the report.

Source: Mint November 10, 2017 00:22 UTC