"Out of 111 companies, 85 have share capital of Rs 1 lakh each," it said. "Outflow of funds as per last balance sheets of all 111 companies appeared to be Rs 889.24 crore, of which Rs 526.71 crore is invested in land and inventories, Rs 137.15 crore in group companies and Rs 160.15 crore was given as loans and advances," it said.Financial statements of all 111 companies were managed by a single statutory auditor, Jitender Kumar Sharma. ASG Singh sought and got three months more time to fully investigate the companies. Singh also presented the affidavit of ED to the bench and said the agency had found preliminary evidence of NRHM scam money being laundered through some of these companies. If attracting such huge money without having any business could puzzle financial experts, details about the balance sheets would surely make them scratch their heads in disbelief.

Source: Times of India August 09, 2016 02:53 UTC