Shell Companies

HPZ token investment 'scam': ED attaches assets valued Rs 106.20 crore

The scam involving shell entities with Chinese links, duped investors of hundreds of crores on the pretext of doubling their investments through an app and online gaming and betting websites

Trial underway for Panama Papers, case that changed financial rules

Eight years after 11 million leaked secret financial documents revealed how some of the world's richest people hide their wealth, more than two dozen defendants are on trial in Panama for their alleged roles. The repercussions of the leaks were far-ranging, prompting the resignation of the prime minister of Iceland and bringing scrutiny to the then-leaders of Argentina and Ukraine, Chinese politicians and Russian President Vladimir Putin, among others. But those on trial now for alleged money laundering are principally the leaders and associates of the now defunct Panamanian boutique law firm that helped set up the shell companies used to obscure those really behind them. The leaders of that firm, Jrgen Mossack and Ramn Fonseca, are among those on trial. WHAT IS THE PANAMA PAPERS CASE ABOUT? Panamanian prosecutors allege that Mossack, Fonseca and their associates created a web of offshore companies that used complex transactions to hide money linked to illicit activities in the ca

MCA plans to further intensify crackdown on shell companies: Report

The Ministry of Corporate Affairs has already struck off hundreds of thousands of shell companies that are often used to funnel black money, the report said quoting sources in the know

JP Morgan says Frank's Javice moved millions to a shell company: Report

JPMorgan claimed in its December suit that Javice and another Frank executive faked data greatly inflating Frank's customer count to mislead the bank into buying her company for $175 million in 2021

557,000 firms struck off due to non-compliance with law provisions

More than 5.57 lakh companies were struck off the records in the last five years due to non-compliance with various provisions of the companies law, according to the government. Minister of State for Corporate Affairs Rao Inderjit Singh on Tuesday said that 5,57,055 companies were struck off under Section 248 of the Companies Act, 2013 read with the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 in the country in the last five years. They were struck off due to non-compliance with provisions of the Act, he said in a written reply to Rajya Sabha. He also said that the term 'shell company' is not defined under the Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership and benami properties, he added. Further, the minister said the special task force set up by the government to look into the issue of

DHFL 34,615 cr loan fraud case: Money laundered via 87 shell firms

The CBI in its charge sheet lodged in the Rs 34,615 crore DHFL loan fraud case has said that the accused created 87 shell companies and 2,60,000 fake borrowers to launder money

SFIO arrests 'mastermind' behind shell companies with Chinese links

The Serious Fraud Investigation Office (SFIO) has arrested an individual who has emerged as the mastermind behind incorporating a large number of shell companies with Chinese links in India and providing dummy directors on their boards. The arrest comes against the backdrop of the crackdown on Chinese shell companies that are allegedly into "serious financial crimes". In a statement on Sunday, the corporate affairs ministry said it has arrested one Dortse, who is on the board of Jillian India Ltd, on Saturday. This follows simultaneous search and seizure operations conducted by the ministry on September 8 in the offices of Jillian Consultants India Private Ltd, a wholly-owned subsidiary of Jilian Hong Kong Ltd at Gurgaon, Fininty Pvt Ltd at Bangalore and Husys Consulting Ltd at Hyderabad. "Dortse is on the Board of Jillian India Ltd and has clearly emerged as the mastermind of the whole racket of incorporating large number of shell companies with Chinese links in India and providin

Officials arrest mastermind behind fraudulent shell firms with China links

Indian authorities said they had arrested a man who had masterminded the creation of many shell companies linked to China and appointed dummy directors to run the fraudulent businesses

EU proposes rules against shell companies to fight tax abuse

According to EU estimates, tax dodging causes the bloc to lose up to 1 trillion euros ($1.13 trillion) in income each year

Global securities markets regulators team up to keep watch on SPACs

SPACs are shell companies that list themselves on the stock market and use the proceeds to buy other companies

Decoded: What is SPAC and is it the real thing or a misplaced hype?

Special Purpose Acquisition Companies, or SPACs, are listed shell companies created with the sole purpose to acquire unlisted or private companies and then merge with the latter

ED attaches shares worth Rs 452 cr held by British national in ITPCL

The shares were held in the name of A S Coal Pte Singapore (a shell company), owned by a British National

Govt bets on artificial intelligence, data analytics to weed out shell cos

Generally, shell companies are those which are not complying with regulations and many such entities are allegedly used for money laundering and other illegal activities

MCA unearths Rs 700 cr scam in Unitech, says funds diverted to 16 shell cos

Company believed to have siphoned off huge amounts of money to various shell companies

CBI detected 894 shell companies in four years, registered 30 cases: Govt

According to the data presented by the minister, of the 108 cases, chargesheets were filed and trial was going on in 72

Govt asks companies to furnish photographs, geographical details of offices

Besides opting for geo-tagging rules, the Corporate Affairs Ministry has decided to seek details about companies' auditors and key managerial personnel

Cooperate or face stringent trading curbs: Sebi to suspected shell firms

Independent directors have been mandated to conduct forensic audits for verification of credentials or fundamentals of such companies

Office not registered? It may be classified as a shell firm, says panel

The government has already struck off 226,000 companies from the register for not filing statutory returns

Over 15,000 non-compliant firms may lose registration in Andhra, Telangana

Both the states have about 127,000 companies registered with RoC

CBDT tells I-T dept to file all petitions before NCLT on shell firms by Aug

The CBDT took action as it was concerned over crores of rupees of its "legitimate" taxes being stuck