Strict punishment in offing for 3.38 lakh shell company owners: Centre to deploy DRI, FIU, CBDT, CBI for probe; ED to verify how funds are managed, laundered
So far, 3.38 lakh shell companies has been identified and de-registered by the Ministry of Corporate Affairs. A maximum of 75,000 companies in Delhi, 73,000 in Mumbai, 46,000 in Andhra Pradesh and Telangana together, and 16,000 in Kolkata were identified as shell entities which were used for tax evasion, obscuring real ownership, money laundering and purchase of benami properties.
Financial Intelligence Unit slaps over Rs 15 cr fine on Punjab National Bank for violating money laundering rules
The FIU move against Punjab National Bank is significant because it is based on inspection and review of the Bank during April 2016-November 2017, which covers the crucial months before and after demonetisation that was announced on 8 November 2016
Financial Intelligence Unit slams Allahabad Bank for not filing transaction reports of NGOs receiving foreign funds
Allahabad Bank admitted that it had not carried out determination of beneficial ownership regarding top 50 accounts in the name of trusts and societies opened during the previous financial year.
Ram Nath Kovind holds talks with Cyprus president, signs agreements on money laundering, environment
President Ram Nath Kovind and Nicos Anastasiades held discussions on issues of mutual interest including promotion of business collaboration in the fields of IT and IT-enabled services, tourism, shipping and renewable energy
Generally, shell companies exist only on paper and are often used by fraudsters for carrying out their illegal activities
Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspicious transactions
Banks received a record amount of fake currency and detected an over 480 percent surge in suspicious transactions post demonetisation.
PNB scam: ED seeks Financial Intelligence Unit's help to probe dubious transactions by Nirav Modi, Mehul Choksi
According to top sources, the Enforcement Directorate has sought Suspicious Transaction Reports related to companies owned by Nirav Modi and Mehul Choksi as well as individual transactions of people associated with swindlers including Neeshal Modi, Ami Modi, Hemant Dahyalal Bhat, Aniyth Shivraman Nair and Dinesh Gopaldas Bhatia.
The Supreme Court ruled out setting up of a separate Special Investigation Team (SIT) to probe the alleged revelation of offshore accounts of Indians in Panama papers leak
The new law, under which the Panama Papers probe will be conducted, imposes a steep 120 percent of tax and penalty, and a jail term of up to 10 years.
The SIT suggested steps to crackdown on shell companies which are set up by entities to evade taxes and result in generation of black money.
Those barred by Sebi include the company chairman Brij Bhushan Singal, his son and manging director Neeraj Singal, as also their respective spouses Uma Singal and Ritu Singal.
While Sebi would further probe these cases, it has also decided to refer the matter to the Income Tax Department, Enforcement Directorate, Financial Intelligence Unit, among other agencies, for necessary actions on their part.
Market regulator Sebi has asked all the entities under its jurisdiction to submit suspicious transaction reports (STRs) electronically through a new direct online gateway to the Financial Intelligence Unit (FIU).