As many as 13 companies, mostly real estate developers such as Alchemist Infra Realty, Rose Valley Real Estates, MPS Greenery Developers and Rahul Hi-Rise, have come under the scanner of the Ministry of Corporate Affairs for alleged money laundering and money circulation.

The ministry has ordered a probe under the Registrar of Companies to look into allegations against these companies. The list of companies also includes Sunmarg, Sampriti Projects, Prayag Info Tech Hi-Rise, Basil International, Ramil Industries, Tower Info Tech, Success Capital, Mega Mould India and GoldMine Food Products. 

According to a ministry official, the Registrar of Companies was probing the matter. “There are complaints and the primary investigation shows there are various companies that collect funds for projects, but later divert the money and use it for other projects without the approval of investors,” a source said.

The ministry suspects the alleged money laundering is not restricted to the small companies being investigated. It has directed the Registrar of Companies to probe whether big companies, in the garb of lesser-known firms, were also involved, the source said.

According to the ministry official, such diversion of funds was not allowed and if found guilty, the companies would be heavily penalised. The amount of money allegedly misutilised has not been estimated yet. If the matter was very serious and the amount involved was huge, the ministry might refer the investigation to the Serious Fraud Investigation Office (SFIO), the official said.

The SFIO is already probing the Basil International Group case. The company had allegedly raised about Rs 1,360 crore in a year by duping investors under the garb of private placements. (Business Standard)