Shell Companies

INX Media Case: CBI Court Summons P Chidambaram After Probe Agency Demands Custody

India News | Reported by Arvind Gunasekar, Edited by Jimmy Jacob | Friday October 11, 2019

Congress leader P Chidambaram will appear before a special CBI court in New Delhi in connection with the INX Media case on Monday afternoon. A production warrant in this regard was issued after the Enforcement Directorate approached the court today to seek the former Union Minister's custody, so he can be further questioned on the alleged money lau...

CBI Seeks Help From 5 Countries In INX Media Probe: Sources

India News | Reported by Arvind Gunasekar, Edited by Jimmy Jacob | Friday August 23, 2019

The CBI has contacted five countries for information on shell companies and bank accounts to identify the manner in which kickbacks were allegedly routed in the INX Media case over ten years ago, sources said. Former Union Minister P Chidambaram and his son, Karti, are among those accused in the alleged scam involving jailed media baron Indrani Muk...

Taxmen Attach Rs 254 Crore Worth "Benami" Equity Of Kamal Nath's Nephew

India News | Press Trust of India | Tuesday July 30, 2019

The Income Tax Department has attached Rs 254 crore worth of "benami" equity of Ratul Puri which he had allegedly received from a suspect in the AgustaWestland VVIP chopper scam case via shell companies, officials said Tuesday.

Probe Uncovers How Illicit Funds Are Still Reaching Vijay Mallya: Report

India News | Press Trust of India | Tuesday July 30, 2019

The Enforcement Directorate has unearthed an alleged nexus of slush funds being transferred to fugitive liquor baron Vijay Mallya by his India-based "close associate" with the help of shell companies, official sources said on Monday, stating that the investigation in the multi-crore bank fraud case has widened.

Anti-Black Money Moves Brought Rs 1.3 Lakh Crore Income To Tax: Piyush Goyal

India News | Indo-Asian News Service | Friday February 1, 2019

"As many as 3,38,000 shell companies have been detected and de-registered and their directors have been disqualified," he added.

Google Shifted $23 Billion to Tax Haven Bermuda in 2017, Filing Shows

Reuters | Friday January 4, 2019

Google moved EUR 19.9 billion ($22.7 billion) through a Dutch shell company to Bermuda in 2017.

Google Shifted $23 Billion To Tax Haven Bermuda In 2017: Report

World News | Reuters | Thursday January 3, 2019

Google moved $22.7 billionthrough a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce.

Google Cracks Down on Multimillion-Dollar Ad Fraud That Involved Over 125 Android Apps, Sites

Sumit Chakraborty | Wednesday October 24, 2018

A recent investigation had uncovered that several Android apps were using a system of bots and shell companies to steal ad revenue.

NuMetal A "Shell Company", Can't Bid For Essar Steel, Says ArcelorMittal

Business | Press Trust of India | Thursday September 13, 2018

Steel and mining firm ArcelorMittal tells the Supreme Court that its rival bidder NuMetal was not eligible to bid for Essar Steel on several grounds, including that it was a "shell company".

Unlisted Public Companies To Issue New Shares In Demat Form From October 2

Business | Press Trust of India | Tuesday September 11, 2018

From October 2, issue of further shares and transfer of all shares by unlisted public companies shall be in dematerialised form only, the ministry said. The decision comes at a time when the ministry is clamping down on shell companies that are suspected of being conduits for illicit fund flows.

Sushil Kumar Modi Alleges Sahara Group Helped Lalu Yadav's Family Buy Property From Tata Group

India News | Press Trust of India | Thursday May 3, 2018

Bihar Deputy Chief Minister Sushil Kumar Modi today alleged that the Sahara group helped Lalu Yadav and his family in buying a posh property from the Tata group through a shell company in Patna, a charge denied by the RJD.

CBI Arrests Income Tax Commissioner In Rs 50 Lakh Bribery Case

India News | Press Trust of India | Friday April 13, 2018

The CBI today arrested a Commissioner of the Income Tax department posted in Guwahati for allegedly demanding Rs 50 lakh for giving relief in a shell company matter to a businessman, officials said here.

PNB Fraud Case: Assets Of Nirav Modi Group Worth Rs 145 Cr Assets Attached

India News | Press Trust of India | Wednesday February 21, 2018

The Enforcement Directorate (ED) today continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the I-T department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank (PNB) fraud.

200 Shell Companies, Benami Properties Investigated In PNB Fraud Case

India News | Reported by Sukirti Dwivedi, Edited by Anindita Sanyal | Sunday February 18, 2018

More than 200 fake companies and assets under fake names are being investigated in connection with the Rs 11,300 crore fraud at the Punjab National Bank, linked to celebrity diamond jeweller Nirav Modi, that was detected last week.

Indian-Origin Man Behind $20 Million H1-B Visa Fraud Faces Deportation After Prison

Indians Abroad | Rachel Weiner, The Washington Post | Wednesday December 27, 2017

A Virginia businessman who used shell companies to fraudulently apply for nearly a thousand foreign workers' visas will spend 28 months in federal prison before he is likely deported to India.