Post demonetisation, shell companies made huge deposits in multiple accounts, says govthttps://indianexpress.com/article/business/demonetisation-govt-gets-details-of-bank-accounts-shell-companies-rbi-black-money-finance-ministry/

Post demonetisation, shell companies made huge deposits in multiple accounts, says govt

According to the government, the data pertains to transaction details of 5,800 companies that had been struck off the Register of Companies (RoC) earlier this year.

According to government sources, 13 banks have submitted their first instalment of data post demonetisation.

Data submitted to the government by 13 banks post demonetisation has shown that several shell companies made huge deposits post November 8, 2016 — when Prime Minister Narendra Modi announced that notes of Rs 500 and Rs 1000 denomination will be withdrawn. According to the government, the data pertains to transaction details of 5,800 companies that had been struck off the Register of Companies (RoC) earlier this year.

The bank data states that these 5,800 companies had 13,140 accounts. Few of the companies had more than 100 accounts each with one company having 2134 accounts.

As per the disclosure, on the day when the government had announced demonetisation, these companies were having a balance of Rs 22.05 crore to their credit. “However, from November, 9, 2016 i.e. after the announcement of demonetization, till the date of their being struck off, these companies have altogether deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore. With loan accounts there was a negative opening balance of Rs 80.79 crore,” the government release said.

Moreover, the government said there were multiple accounts which had miniscule or negative balance as on November 8, 2016 which saw deposits and withdrawals of crores of rupees post demonetisation. They were thereafter left as dormant accounts.

The data pertains to about 2.5 per cent of the total number of suspected companies that have been struck off the RoC by the government.