Home World Business CBI unearths 339 shell companies used to divert funds worth Rs 2,900...

CBI unearths 339 shell companies used to divert funds worth Rs 2,900 crore

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Exposed activity during probe into loan fraud cases involving 28 public sector banks, 1 private bank

ANI  |  New Delhi  May 8, 2017 Last Updated at 04:40 IST

The (CBI) during its probe in the last three years has unearthed 339 shell companies that are based in to divert funds to the tune of Rs 2,900 crore.

The shell companies were involved in loan fund, fraudulent transaction, providing false invoices, routing funds, rotation funds, and fraudulent infusion of equity that extended to Rs 2,900 crore, according to the

The exposed such activity during probe into various loan cases involving 28 public sector banks and one private

The investigative agency has filed a chargesheet against borrowers, officials and against shell companies.

The offences have been registered under the company act, apart from money laundering act, and benami act.

Meanwhile, the has registered eight cases against the Mahua media group headed by P.K. Tiwary, Anand Tiwary and Abhishek Tiwary.

The promoters had operated three shell companies and used 95 shell companies based in for directing of illegal money to the tune of Rs 802 crore.

The agency also booked Zoom Developers Private Ltd. around seven cases have been registered against them. There have been accused for allegedly swindling 26 public sector banks of over Rs 2,650 crore.

CBI unearths 339 shell companies used to divert funds worth Rs 2,900 crore

Exposed activity during probe into loan fraud cases involving 28 public sector banks, 1 private bank

Exposed activity during probe into loan fraud cases involving 28 public sector banks, 1 private bank

The (CBI) during its probe in the last three years has unearthed 339 shell companies that are based in to divert funds to the tune of Rs 2,900 crore.

The shell companies were involved in loan fund, fraudulent transaction, providing false invoices, routing funds, rotation funds, and fraudulent infusion of equity that extended to Rs 2,900 crore, according to the

The exposed such activity during probe into various loan cases involving 28 public sector banks and one private

The investigative agency has filed a chargesheet against borrowers, officials and against shell companies.

The offences have been registered under the company act, apart from money laundering act, and benami act.

Meanwhile, the has registered eight cases against the Mahua media group headed by P.K. Tiwary, Anand Tiwary and Abhishek Tiwary.

The promoters had operated three shell companies and used 95 shell companies based in for directing of illegal money to the tune of Rs 802 crore.

The agency also booked Zoom Developers Private Ltd. around seven cases have been registered against them. There have been accused for allegedly swindling 26 public sector banks of over Rs 2,650 crore.

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