The Income Tax Department (ITD) on Friday unearthed siphoning of foreign exchange of approximately Rs. During the investigation, the Tax department found that 12 shell companies were floated, out of which 10 of them are based in Kolkata. A preliminary investigation revealed that Rs 550 crore was transferred from four bank accounts in two banks of Visakhapatnam. Eight such accounts revealed total inward remittances to the tune of Rs. The operation was facilitated through taking multiple PAN, obtaining bogus form from CA at the rate of Rs.

Source: dna May 12, 2017 15:00 UTC