Shell Companies

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.

Taxmen Find Documents Related To Shell Companies At Jayalalithaa's Chennai Home

Tamil Nadu News | Written by Sam Daniel Stalin | Sunday November 19, 2017

The late night raids at former Tamil Nadu Chief Minister Jayalalithaa's Poes Garden residence in Chennai on Friday has netted them original documents of shell companies allegedly floated by VK Sasikala's family after demonetization, income tax officials claimed.

Income Tax Department Probing Property Registrations Over Rs 30 Lakh

Business | Press Trust of India | Wednesday November 15, 2017

The taxman is also investigating those shell companies and their directors whose operations were recently "debarred", said CBDT Chairman Sushil Chandra.

Deregistered Companies Had Deposited Rs 7,000 Crore Post Note Ban

Business | Press Trust of India | Wednesday October 25, 2017

The government has struck off the names of more than 2.24 lakh companies suspected of being shell companies.

Crackdown On Shell Companies Has Unearthed $1 Billion Cash, Says Minister

Business | Shruti Srivastava, Bloomberg | Tuesday October 24, 2017

The ministry is probing deposits of over $1 billion made by around 20,000 companies during the cash ban last year, while its Serious Fraud Investigation Office is investigating 1,505 companies for allegedly violating the Companies Act.

Crackdown On Shell Firms Reveals Vast Money-Laundering After Notes Ban

India News | Reported by Akhilesh Sharma, Edited by Arun Nair | Friday October 6, 2017

Among the top offenders of companies whose bank accounts were blocked last month by the government for illegal transactions and tax evasion was one that had more than 2,000 bank accounts, making it tough for tax officials to track transactions.

4.5 Lakh Directors To Be Fired As Government Cracks Down On Shell Companies

India News | Press Trust of India | Thursday October 5, 2017

As many as 4.5 lakh directors may face disqualification for their association with shell companies, Union minister PP Chaudhary said today as the government steps up its fight against the black money menace.

Shell Crackdown: Government Makes Public Names Of Debarred Directors

Business | Press Trust of India | Tuesday September 19, 2017

More such names will be published soon as the government has already identified over 1.06 lakh directors for their association with shell firms which are either yet to commence any business or have failed to submit their financial statements or annual returns for three straight years.

Sebi Vows To Take Action Against Suspected Shell Firms

Business | Press Trust of India | Monday September 18, 2017

Regulator told board that steps were being taken to fast-track all pending cases in a time bound manner, say sources.

Sebi Board To Meet, Discuss Action Against Suspected Shell Companies Tomorrow

Business | Press Trust of India | Sunday September 17, 2017

Over 300 listed companies as well as hundreds of unlisted entities and individuals have been suspected of misusing the stock exchange platform for tax evasion.

Sebi Board To Take Stock Of Suspected Shell Companies

Business | Press Trust of India | Sunday September 17, 2017

To select cases for enforcement actions, Sebi will soon put in place internal guidelines, which would also be made applicable for pending cases.

Crack Down On Shell Companies: Government To Watch PAN, Audit Reports

Business | Press Trust of India | Thursday September 14, 2017

Under a new pact, tax authorities will now relay audit reports of corporates and information from their I-T returns along with PAN data to the ministry of corporate affairs.

Shell Company Clampdown: Sebi For Forensic Audit Of Three Companies

Business | Press Trust of India | Thursday September 14, 2017

In the interest of investors, Sebi said it believes that financials of these companies should be independently audited to establish their genuineness.