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The Enforcement Directorate (ED) is investigating several accounts with the J&K Bank, in which huge amounts were deposited and then withdrawn in cash over a period of time. The agency is trying to ascertain the source of deposits in such accounts. Based on the cases registered by the Jammu and Kashmir's Anti-Corruption Branch (ACB), the ED is already carrying out a money laundering probe into a range of allegations involving the bank, its former functionaries and others. Loans sanc...

Almost two decades after the collapse of US giant Enron in a notorious accounting scandal, the accountancy sector is back in the spotlight, this time thanks to a string of scandals in Britain. The sector's so-called "Big Four" -- Deloitte, EY, KPMG and PwC -- have a long-established oligopoly to advise and monitor big business, experts say. The powerful companies engage in a wide range of activities, from accounts auditing and strategy consulting to proposed mergers and acqui...

Finance Minister Arun Jaitley has said that highest level of integrity and efficiency is required on the part of officers and staff of Civil Accounts Service as great sanctity is attached to the accounting system.  Addressing the 42nd Civil Accounts Day function in New Delhi this morning, Mr Jaitley said, there is no scope for error in the accounting system.  He said accounts need to be error free since the Government informs the nation on the state of public finances.  M...

The noose around shell companies has tightened as the government has banned 58,000 bank accounts of 35,000 alleged shell companies who have deposited and withdrawn over Rs 17,000 crore during since demonetization. The move is part of a massive ongoing drive during which 2.24 lakh companies have so far been struck off. These corporations had been inactive for two years or more. After receiving inputs from 56 banks, the Ministry of Corporate Affairs restricted the operation of the bank accou...