Shell companies under PM’s scanner

Over 550 people laundered nearly Rs 3,900 crore through Shell companies after the government banned high-denomination notes the Serious Fraud Investigation Office (SFIO) told the Prime Minister’s Office on Friday.

The PMO later decided to set up a task force to track action taken against deviant Shell companies and the task force will  be co-chaired by the Revenue Secretary and Corporate Affairs Secretary – signals the Centre’s intent to crack down on companies that do not conduct any operations but are used to launder money and evade taxes.

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