ED conducts searches at 100 places in 16 states in crackdown on shell companies
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The Enforcement Directorate (ED) today launched one of its biggest crackdowns on shell companies across the country. It conducted searches at 100 locations in sixteen states as part of its country-wide operation against shell companies. Officials said, multiple teams of the agency today raided the premises of about 300 shell firms in prominent places like Delhi, Chennai, Kolkata, Chandigarh, Patna, Ranchi, Ahmedabad, Bhubaneswar and Bengaluru among others.
They said, the action is being carried out under the provisions of the Prevention of Money Laundering Act and the Foreign Exchange Management Act to check instances of money laundering and illegal foreign exchange transactions. The action is part of the mandate given to the ED under a Special Task Force that was recently created by the government on the directions of the Prime Minister's Office #casansaar (NewsonAir)
They said, the action is being carried out under the provisions of the Prevention of Money Laundering Act and the Foreign Exchange Management Act to check instances of money laundering and illegal foreign exchange transactions. The action is part of the mandate given to the ED under a Special Task Force that was recently created by the government on the directions of the Prime Minister's Office #casansaar (NewsonAir)
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