India: 35,000 suspected shell companies deposited, withdrew Rs 17,000 crore post demonetisation

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November 6 2017

Government has struck off a total of 2,24,000 companies resulting in disqualification of about 3,09,000 directors.

Among these companies – nearly Rs 17,000 crore was moved in and out of bank accounts since demonetisation. There were about 58,000 bank accounts which belonged to 35,000 deregistered companies.

According to data provided by Ministry of Corporate Affairs, in one case, a company had negative opening balance on November 08, 2016 – deposited and withdrew about Rs 2,484 crore post the noteban drive. While one company was found having as many as 2,134 accounts.