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action on chinese Shell company

11 Sep 2022

Huge strike on Chinese shell companies, director of Jillian Consultants arrested

SFIO has taken a big action against the shell companies of China operating in India. SFIO arrests director of Jillian Consultants. The director of Jillian Consultants was trying to escape to Nepal via Bihar.

29 Jul 2022

More trouble for Partha, now companies with his son-in-law under ED scanner

Partha Chatterjee appears to be facing more trouble Now, three companies with his son-in-law, Kalyanmoy Bhattacharya as Director, are now under the ED scanner The ED is probing the money trail in the WBSSC scam

Income Tax raids

07 Nov 2020

Income Tax raids Chennai-based IT infra group, detects black money Rs 1,000 cr

It was found that the group had borrowed funds from banks on interest and diverted to other group companies free of interest for investments in properties The search also revealed that the group had purchased about 800 acres of land worth at least Rs 500 crore, in the names of various shell companies Applicability of the Prohibition of Benami Property Transactions Act, 1988 to these transactions is being examined

Income Tax raids

11 Aug 2020

I-Tax Dept raids premises of Chinese entities, local contacts

More than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1000 crores over the period A subsidiary of Chinese company and its related concerns have taken over Rs 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India Incriminating documents in respect of hawala transactions and laundering of money with the active involvement of bank employees and CAs accountants have been found

Pakistani rupee

28 Jun 2019

Pakistani money in Swiss banks down by one-third to hit record low

The Pakistani money in Swiss banks had fallen by over 20 percent in 2017 (to CHF 1,115 million) and by 6 percent in 2016. Before that in 2015, these funds had risen 16 percent.

Shell companies

13 Mar 2018

Shell companies crackdown: MCA to nail several accounts, take stern action

The Serious Fraud Investigation Office has also started probe into a few cases related to these companies.

Illicit fund flows

26 Dec 2017

Non-compliance to be 'very costly' for companies: Govt

Continuing the clampdown on illicit fund flows, the Ministry of Corporate Affairs has already struck off more than 2.24 lakh companies that have not been doing business for long and has disqualified over three lakh directors associated with such entities.

13 Dec 2017

Over 60,000 shell companies closed down in Maharashtra: Govt

Over 60,000 shell companies have been closed down in Maharashtra so far, industries minister Subhash Desai stated in a written reply in the Maharashtra state assembly.

14 Nov 2017

Benami assets: I-T dept scanning profiles of property registered over Rs 30 lakh

The Income Tax Department started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year.

Shell companies director

23 Oct 2017

Demonetisation: Hundreds of shell companies may face criminal action

Last month, the government imposed restrictions on operations of bank accounts of over 2 lakh 'struck-off' companies.

Shell companies

05 Oct 2017

Crackdown on shell companies: 4.5 lakh directors may face axe

Union minister P P Chaudhary on Thursday said that the government will examine profiles of all disqualified directors and non-compliant companies which are tarnishing image of good ones

Shell companies

03 Oct 2017

MCA disqualifies more than 2 lakh directors of shell companies within 15 days

After the recent crackdown, the total number of directors disqualified by MCA has reached three lakhs.

22 Sep 2017

Shell companies clampdown: Sebi for forensic audit of 3 more firms

The regulator is of the view that a detailed examination or audit should be undertaken to unearth the entire extent of violations.

SEBI shell companies

17 Sep 2017

Sebi board to take stock of suspected shell cos on Monday

Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.

Shell companies

15 Sep 2017

Suspected shell cos: Sebi for forensic audit of JMD Ventures

JVL is at least the eighth firm against which the Securities and Exchange Board of India (Sebi) has ordered a forensic audit.

Shell companies

14 Sep 2017

Crackdown on shell companies: Tax dept, MCA to share PAN, audit reports

The MCA is in the process of cancelling the registration of 2.09 lakh companies that have not been carrying out business activities for a long period.

Shell companies

13 Sep 2017

Auditors come under lens amid crackdown on shell companies

Government said more than 1.06 lakh directors would be disqualified for their association with shell companies.

12 Sep 2017

Shell cos crackdown: Govt to disqualify over 1 lakh directors

More than 1.06 lakh directors will be disqualified for their association with shell companies, according to the government, as it steps up the fight against black money.

09 Sep 2017

CBI books 19 companies for sending over 400 crore abroad

It is alleged that during the year 2015, unidentified officials of Punjab National Bank (PNB), Mint Street branch, Chennai, entered into a criminal conspiracy with 19 accused companies which were account holders in the branch.

Hit Kit Global Solutions Ltd

08 Sep 2017

Suspected shell firms: Sebi orders forensic audit of Hit Kit

Earlier this week, the Securities and Exchange Board of India (Sebi) had ordered forensic of two other such companies -- Kavit Industries and GV Films, while revoking trading curbs on their shares.

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