Shell Companies and Businesses- The How
So the Enforcement Directorate (ED) is probing 120 shell companies allegedly linked just to Nirav Modi and Gitanjali Group chief Mehul Choksi. 79 shell companies are owned by the Gitanjali Group chief and 41 owned by Nirav Modi.
Can we have a serious national discussion on how some of the crony promoters use shell companies to evade taxes, conduct fraud and utilise black money.
Everyone - pour your inputs in. Dont be shy. Talking about this shit is the first step. only then we can clean it. and Transparency Intl - if you have any expertise on the matter, bring it out. more
Can we have a serious national discussion on how some of the crony promoters use shell companies to evade taxes, conduct fraud and utilise black money.
Everyone - pour your inputs in. Dont be shy. Talking about this shit is the first step. only then we can clean it. and Transparency Intl - if you have any expertise on the matter, bring it out. more
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In my more than 25 experience of finance field I have seen practically each medium/big group company will have not less than 50 to 100 sister concerns/shell companies and finance head/CS/CA's main work is to create as many as shell companies/sister concerns making directors of the same group and top management/finance heads as directors to these shell compananies) & utilising the bank finance givren to the main group company to these shell companies for amassing illegal wealth and turning black money into white !! after running group company for few years and turn it loss then they will wash off their hands saying unable to payoff the debts or fly to offshore countries to run their business in those countries !! more
Feb 27
Fraud happens at the top level of the banks where no questioning authority becos they are the sanctioning authroity in colluding with auditors etc., like in corporates where md/ceo/director/chairman orders subordinates have to yes and do it !! if not you are shown door !!! more
Feb 28
Bank must be vigilant ,the money lent where it has been used,if you take education loan they ask the receipt issued by college ,when you gor net installment ,why not some restriction here more
Feb 28
It is not only shell companies but also namesake companies created by the finance heads headed by promoters and these finance heads as bogus directors (by socalled CA's,CW's, CS's,legal experts) either for diverting bank finance given to the group company to these shell companies/namesake companies doing business within the group (sister concerns) and with few outside companies (known companies of friends/business assocaites/jd companies etc.,) and black money rotation to make it white etc., unless our ROC rules/SEBI/RBI changes strict rules this kind of shell companies will exist forever !! more
Feb 27
The concerned are busy in cancelling the mobile connections , bank accounts and credit cards of middle class for want of KYC details and they are under staff and do not have time to check the KYC of shell companies. more
Feb 24
The BIG NEWS with PHOTOGRAPHS - where were the Governing and detection Authorities, what they were doing all these days. Almost each and every Bank have it's own vigilance Dept. including RBI. Are these Authorities to get side branch only as punishment so that the culprits right from top to bottom get free hand to work as per their will and wish more
Feb 23
