Giving a surprise to everyone, the Central Bureau of Investigation (CBI) excavated as many as 393 companies, which are allegedly used to divert funds of Rs. 2,900 crores in the last three years, during its probe.
As per the latest sources, it revealed that many have been using these companies by creating fake invoices and generating black money. Round tripping also employed by them. It means they are sending money abroad by paying tax for fake imports through these companies and bringing them back as foreign investment in these enterprises.
CBI didn’t name the companies but found that these agencies are involved completely in legally tenable evidence of money trail, cheating, diversion of funds by showing fake documents to the banks.
These companies have cheated nearly 28 public sector banks and one private bank and nearly Rs. 30,000 crore. CBI is now prosecuting these fake companies for doing corruption.
It is also referring cases to other investigating agencies under other laws. For example, Companies Act, Benami Transactions (Prohibition) Act, Prevention of Money Laundering Act, and the Income Tax Act.
These companies situated in various parts of the country and because of the tax heaven by corporations, the investigation became more difficult regarding black money. Some of the important cases are Century Communication Group which used to run Mahua Channel. As per the official’s information, this group has reportedly committed fraud of Rs. 3000 crore.
Some of the companies in Noida and Bombay diverted funds by showing fake equity of Rs 802 crore. Charge sheets filed against Muralidhar Lahoti, who controls a Kolkata-based shell company and also three CA’s. Zoom Developers involved in 14 cases for cheating 26 banks for Rs 2600 crores. Two cases filed against Jignesh Shah and Anjani Sinha of National Stock Exchange Limited by CBI for involved in a scam worth Rs. 342 crore. These have used their peons and drivers including other personal staff as directors for these companies and used them to divert the funds.