In what could be just the tip of the iceberg, the Centre has stumbled upon a large number of suspicious banking transactions worth thousands of crores of rupees parked by shell companies. These suspect firms soon withdrew the amounts, either just before they were de-registered early this year or soon after demonetisation on November 8 last year.
According to documents accessed by DNA, at least nine such companies have more than 100 bank accounts. The one topping the list so far — Gold Sukh Trade India Ltd — had 2,134 bank accounts. Some companies had even more than 900 bank accounts.
In one of the banks, 429 companies, with zero balance each on November 8, 2016, have deposited and withdrawn over Rs 11 crore and left again a cumulative balance of just Rs 42,000 on the date of freezing, an official statement said.
How meticulous had been the operation of these companies against which the Modi government has declared a war can be gauged from their modus operandi.
These companies had multiple accounts with minuscule or negative balance till November 8 last year, which then deposited and withdrew amounts going into crores from these accounts. They were thereafter again left dormant.
TECHNEXT Vyapar Ltd, which had negative balance on November 8, 2016, deposited over Rs 99 crore and withdrew almost the entire amount, leaving a paltry Rs 55 when the account was frozen.
Taking note of the "iceberg of corruption, black money and black deeds" of these and many more such companies, the government has asked investigation agencies to complete investigations in a time-bound manner. "The country and honest citizen may well look forward to a cleaner tomorrow," the statement said.
Document with DNA show that among the companies that had more than 100 accounts and deposited and withdrew amounts during demonetisation till they were frozen are Ashwin Vanaspati Ind Pvt Ltd, (915 bank accounts), Anujay Exim Pvt Ltd (313), Radha Krishna Payal Bhandar Pvt Ltd (298), Shanti Infrastructure and Colonisers Pvt Ltd (234), Aptive II Solutions Pvt Ltd (180), Marvel Consulting Engineers Pvt Ltd (172), AR Industrial Traders (161) and Swarnalabh Trade Link Ltd (147 bank accounts).
The Ministry of Corporate Affairs has noted that Bank of Baroda has given a list of 1,701 such companies and their 8,633 accounts, which have thrown up "details, which may be of interest to Department of Financial Services and RBI to see how this happened in case of defaulting companies and struck off companies".
It further said, "this also highlights the need for Ministry of Corporate Affairs/Registrar of Companies to conduct inquiries into the affairs of these companies and associated companies. So is the need for Income Tax and other regulatory agencies."
IDBI bank, which has a major chunk of amounts involved as per information so far, has furnished a list of 3,330 companies with 3,634 accounts. They had a balance of Rs 13.29 crore on November 8 last year. They deposited Rs 3,792.40 crore and withdrew Rs 3,794.04 crore before the strike-off. They deposited Rs 21.30 crore and withdrew Rs 249.45 crore even after strike-off, leaving a negative balance of Rs 215 50 crore.
159 companies with zero balance accounts in IDBI, which had a balance of Rs 2 crore left before strike-off, deposited Rs 1.95 crore and withdrew Rs 227.50 crore after strike-off, leaving a negative balance of Rs 223.54 crore.
Canara Bank has given a list of 717 companies and 784 accounts in current accounts and 15 companies and 153 accounts in term deposits, which deposited and withdrew money during demonetisation. Further in Canara Bank, 429 companies with zero balance on November 8 last year, deposited and withdrew Rs 11 crore and left again with cumulative balance of just Rs 4,200.
The Ministry of Corporate Affairs had requested the Indian Banks Association (IBA) to get information from banks on account operations of 2,09,032 such struck-off companies and restrictions on their bank accounts as per the relevant section of the Companies Act, 2013. After their names were struck off, the operation of bank accounts of these shell companies were restricted to discharge of their liabilities only.
Thirteen banks, directly shared information, throwing up transactions in about 5,800 companies, who were operating 13,140 accounts.
Four banks have stated that there are no such accounts. The figures available are just 2.5 per cent of the total shell companies forced to shut shop. As more figures come, the amount of black money that could be unearthed will only grow bigger and bigger.
A perusal of the figures furnished by nine banks, shows that after separating the loan accounts, the companies had meagre balances amounting to Rs 22.05 crore on November 8 but they deposited Rs 4,573.87 crore and then withdrew Rs 4,552 crore of this money from the date of demonetisation till they were struck off. With loan accounts, there was a negative balance of Rs 80.79 crore.
Sources in the government say that while a large number of these shell companies were used to park and then withdraw black money through banking channels in the two-month window after demonetisation, a number of companies in collusion with officials also managed to do the same through their accounts after the registration of their companies was struck off earlier this year.
SHELL-SHOCKED
- At least nine shell companies have more than 100 bank accounts
- Gold Sukh Trade India Ltd had 2,134 bank accounts
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