ED crackdown on shell companies begins to prevent money laundering

ED crackdown on shell companies begins to prevent money laundering

Soon after the last date for depositing demonetised notes ended on March 31, central agencies started tracking dubious accounts and shell companies that carry out high-valued transaction accounts.

 According to enforcement agencies, thousands of companies, which could be working as shell companies for laundering black money, have come under the scanner.

 The crackdown by several enforcement agencies- Income Tax, Enforcement Directorate, Serious Fraud Investigation Office (SFIO) and Registrar of Companies (ROC) has begun to prevent money laundering and tax evasion.