Rs 4500 crore deposited, withdrawn from suspected shell companies' accounts, Govt says
Banks started scanning last week all the account details of directors who were disqualified by the ministry of corporate affairs as part of alleged shell companies.
Government of India said that it has received data from 13 banks regarding bank account operations and post-demonetisation transactions of the identified shell companies.
It said, "The data pertaining to the pre-demonetisation account balances and transactions conducted from the accounts of these companies during the demonetisation period is even more startling," adding, "Disturbing factors have been identified of companies having multiple accounts with miniscule or negative balance as on 8th November, 2016 which have then deposited and withdrawn amounts going in several crores from these accounts."
After separating loan accounts, these companies had a meagre balance of Rs 22.05 crore to their credit before 8th November, 2016.
When demonetisation drive commenced on November 09, till the date of their being struck off, these companies have altogether deposited a huge amount of Rs 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore.
With loan accounts, there was a negative opening balance of Rs 80.79 crore.
For example, in one of the Bank, 429 companies having zero balance each as on 8th November, 2016 have deposited and withdrawn over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 as at the date of freezing.
Similarly in the case of another bank, more than 3000 such companies, most having multiple accounts, has been located.
From having a cumulative balance of about Rs 13 crore as on 8th November, 2016, these companies have deposited and withdrawn about Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.
"The huge money game played by these companies may well be the tip of an iceberg of corruption, black money and black deeds of these and many more of their brethren," the statement saiad.
Investigative agencies have been asked to complete necessary investigation in a time bound manner.
Earlier this year, 2,09,032 firm suspicious of being shell companies were struck off from the Register of Companies (ROC). Bank accounts of these struck off companies were restricted.
Data revealed that there were 5,800 companies involving 13,140 accounts with suspicious activities.
Some of the companies have been found to have more than 100 bank accounts to their names. The highest grosser among these is a company with 2,134 accounts.