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Iceberg of black money: 6k firms parked Rs 4,500 cr
In a major breakthrough in its fight against black money and shell companies, the Government has received vital information from 13 banks about post-demonetisation transactions of some of the 2,09,032 suspicious companies that were struck off the Register of Companies earlier this year.
The information on merely 5,800 companies showed that they were involved in parking off nearly Rs 4,500 crore of demonetised currency. Majority of these companies operated multiple bank accounts. One of these companies operated as many as 2,134 bank accounts.
After being struck off the Register of Companies list, bank accounts of these 2,09,032 suspicious companies were restricted only for discharge of their liabilities.
The first installment of data received from these 13 banks related to merely about 5,800 companies involving 13,140 accounts. Some of these companies have had more than 100 accounts. While one of them boasts of 2,134 accounts, two others have as many as 900 and 300 accounts respectively.
The data on the pre- demonetisation account balances and transactions done from the accounts of these companies during the demonetisation period is even more startling.
The data shows that after separating the loan accounts, these companies had a meagre balance of Rs 22.05 crore to their credit on November 8, 2016.
However, from the day after the announcement of demonetisation till the date of their being struck off, these companies altogether deposited a huge amount of Rs 4,573.87 crore in their accounts and withdrew Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore.
After these shady transactions of demonetised currency, the accounts were again left as dormant with paltry balance. In some cases, certain companies made deposits and
withdrawals even after being struck off.
For example, in one of the banks, 429 companies having zero balance each as on November 8, 2016 deposited and withdrew over Rs 11 crore and left it with a cumulative balance of just Rs 42,000.
Similarly, in the case of another bank, more than 3,000 such companies, most having multiple accounts, and having a cumulative balance of about Rs 13 crore as on November 8, 2016, deposited and withdrew about Rs 3,800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.
The date deals with only about 2.5 per cent of the total number of suspected companies that have been struck off by the Government. The huge money game played by these companies may well be the tip of an iceberg of corruption and black money transactions. .
The Government has asked investigative agencies to complete necessary investigation in a time-bound manner.
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