Black money crackdown: Govt receives fresh info about 5,800 shell firms from 13 banks, probe ordered
These 13 banks have submitted their First Instalment of data. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts.
- Oct 6, 2017,
- Updated Oct 6, 2017 2:58 PM IST
The Ministry of Finance today said that the government has received vital information from 13 banks about post-demonetisation transactions of some of 2,09,032 suspicious companies. Data received from the 13 banks pertains only to about 5,800 companies involving 13,140 accounts. These 13 banks have submitted their First Instalment of data.
The Ministry today issued a press statement saying: "Vital information has been received by the Government of India from 13 banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year."
"The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. Few of the companies have been found to have more than 100 accounts to their names," the press statement said. The data pertaining to the pre-demonetisation account balances and transactions conducted from the accounts of these companies during the demonetization period is even more startling, the government claimed.
The government also explained as to how these accounts came under scrutiny. It said: "After separating the loan accounts, these companies were having a meagre balance of Rs 22.05 crore to their credit on 8th November, 2016. However, from 9th November, 2016 i.e. after the announcement of demonetization, 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being struck off, these companies have altogether deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore.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."
According to the government, many accounts which had miniscule or negative balance before demonetisation received huge deposits after the demonetisation. "This exercise of swindling the authorities was carried-out post demonetization till the companies were struck off. In some cases, certain companies have gone more adventurous and made deposits and withdrawals even after being struck off," the Ministry said.
Giving an example of unusual transactions, the government said: "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 have 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 Ministry said.
The Ministry of Finance today said that the government has received vital information from 13 banks about post-demonetisation transactions of some of 2,09,032 suspicious companies. Data received from the 13 banks pertains only to about 5,800 companies involving 13,140 accounts. These 13 banks have submitted their First Instalment of data.
The Ministry today issued a press statement saying: "Vital information has been received by the Government of India from 13 banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year."
"The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. Few of the companies have been found to have more than 100 accounts to their names," the press statement said. The data pertaining to the pre-demonetisation account balances and transactions conducted from the accounts of these companies during the demonetization period is even more startling, the government claimed.
The government also explained as to how these accounts came under scrutiny. It said: "After separating the loan accounts, these companies were having a meagre balance of Rs 22.05 crore to their credit on 8th November, 2016. However, from 9th November, 2016 i.e. after the announcement of demonetization, 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."
According to the government, many accounts which had miniscule or negative balance before demonetisation received huge deposits after the demonetisation. "This exercise of swindling the authorities was carried-out post demonetization till the companies were struck off. In some cases, certain companies have gone more adventurous and made deposits and withdrawals even after being struck off," the Ministry said.
Giving an example of unusual transactions, the government said: "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 have 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 Ministry said.