India steps up scrutiny of shell firms after currency ban

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.