Fight against shell companies strengthened; 13 banks provide important information about suspicious transactions
Source :NewsBharati   Date :07-Oct-2017

New Delhi, October 7: Since last year Government of India is putting great effort to stop illegal transactions, black money, shell companies. Against this backdrop, it is significantly important that Government of India ha received vital information from 13 Banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies. The companies have already been struck off the Register of Companies earlier this year.


The above mentioned 13 banks have submitted their first Installment of data. The data refers to only about 5,800 companies involving 13,140 accounts whereas more than 2 lakh companies were stuck off. Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these is a company having 2134 accounts, followed by others having accounts in the range of 900, 300 etc.

The companies mainly have disturbing activities after demonetization. Since last November before being stuck off these companies have altogether deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore.

Disturbing factors have been identified of companies having multiple accounts with minuscule or negative balance as on 8th November 2016 which have then deposited and withdrawn amounts going in several crores from these accounts. The accounts were thereafter again left as dormant accounts with a paltry balance. In some cases, certain companies have gone more adventurous and made deposits and withdrawals even after being struck off.