In the month of March'2017, there was a news that almost 54 Chartered Accountants have come under the radar of the Income Tax department and the Enforcement Directorate over money laundering through shell companies. Professional Chartered Accountants are always found to be the center of various shell company related transactions....
Problem of Shell companies is widespread.Identifying these companies have became a challenge for the enforcement and investigative agencies as they are used in the wider money laundering activities. The layers of these paper companies help the money launderers to disguise the root of the transaction from the enforcement agencies. During the...
The purpose of this article is Defining Shell Companies in Indian parlance. Though there have been significant actions taken on the Indian companies by their regulators, tax authorities and the company registration offices, in reality there is no clear definition of what shell company is ? Neither the Companies Act 2013,...
Indo Iran Scam was at the root of the UCO Bank Money Laundering case. Enforcement Directorate (ED) has found that nine foreign nationals - mostly from Iran and Azerbaijan - entered the country on student visas and set up multiple shell companies to gain access to funds held by...