Central Bureau of Investigation (CBI) busted a complicated network of 393 shell companies used for allegedly diverting funds worth Rs 2900 crore illegally, reaching a landmark disclosure in its investigation of over the three years reported a leading business daily.
The report suggests that the shell companies allegedly diverted loan funds, creating fake invoices and round tripping to evade taxes involve 28 public sector banks and one private sector bank.
The news report quoted the Revenue Secretary Hasmukh Adhia, saying, that out of the 15 lakh registered companies in India, about nine lakh companies do not file any returns, that may be acting as shell companies.
The probe is likely to be taken further under Companies Act, Prevention of Money Laundering Act, Benami Transactions (Prohibition) Act, Income Tax Act and others.
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