Corporates using shell companies to pay bribes: Parekhhttps://indianexpress.com/article/business/business-others/corporates-using-shell-companies-to-pay-bribes-parekh/

Corporates using shell companies to pay bribes: Parekh

Deepak Parekh on Tuesday said unidentifiable shell companies are being used for paying bribes and ‘speed money’ remains a challenge for corporates.

Coming down on high-end sophisticated crime in the corporate world, mortgage lender HDFC chairman Deepak Parekh on Tuesday said unidentifiable shell companies are being used for paying bribes and ‘speed money’ remains a challenge for corporates.

“This is hardly surprising because bribes that are paid by corporations have a totally different avatar. They are disguised so well and the payments are made to look completely genuine or go through a large web of unidentifiable shell companies and the movement of funds can be so rapid that the best of forensic accountants find it difficult to trace,” Parekh said at the Confederation of Indian Industry (CII) risk summit.

ICICI forays into e-wallet space with ‘Pockets’

Mumbai: ICICI Bank on Tuesday launched ‘Pockets’, a digital banking service, enabling users to instantly send money to any e-mail id, mobile number, friend on Facebook and bank account. Anyone, including those who are not customers of ICICI Bank, can easily download the e-wallet from Google Playstore, fund it from any bank account in the country and start transacting immediately.

This wallet uses a virtual VISA card which enables the users to transact on any website or mobile application in India. Customers can also request for a physical card to use it at any retail outlet, the bank said. “Users can pay bills, recharge mobiles, book movie tickets, order food, send physical & e-gifts, split and share expenses with friends,” it said.