India steps up scrutiny of shell firms after currency ban
Nearly 200,000 shell companies shut; database being assembled to nail down beneficiaries
Add BT as a preferred source
Kolkata
WHEN India's Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth.
The moment, said a top aide to Mr Modi, was an eye-opener for the government, which had not realised just how much shell companies were being used to hide assets and launder money.
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain
Digital Realty, STT GDC among data centre operators awarded 50 MW of new capacity in Singapore
Upbeat outlook for CDL, UOL after strong H1 earnings
