India steps up scrutiny of shell firms after currency ban
Nearly 200,000 shell companies shut; database being assembled to nail down beneficiaries
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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.
