The CBI has found the role of nine shell companies, including several defaulters, for allegedly diverting proceeds related to the National Spot Exchange Limited (NSEL) scam to other avenues. The agency investigated bank frauds and found that NSEL run by FTIL rpt FTIL was allegedly using nine shell companies namely Brinda Commodity Pvt Limited, Tavishi Enterprises, Mohan India, PD Agro Processors, Dunar Foods, White Water Foods, ARK Imports, Vimaladevi Agrotech and Yathuri Associates.
Although these companies have been prosecuted by CBI oncharges of corruption and cheating, the angency will also share its findings with specialised agencies like SFIO, Income Tax and Enforcement Directorate among others.
CBI sources claimed that these companies were alleged to be trading on the exchange platform without having actual possession of commodities. The agency has also said that the nine shell companies,which were defaulters in the scam, allegedly helped in diverting Rs 342 crore of investors' money.
The CBI had filed charge sheet against FTIL rpt FTIL promoter Jignesh Shah and then CEO Anjani Sinha along with 20 other entities in the case. In its probe regarding bank fraud cases in last three years, the CBI has unearthed 339 shell companies which had diverted Rs 2,900 crore of bank loan funds, they said.
The CBI sources also said that the shell companies were allegedly being used by the suspects to divert loan fundsmeant for specified purposes, creating fake invoices andround-tripping of funds to evade taxes and generate blackmoney.
Round-tripping is sending money to tax havens abroad inthe guise of payments for fake imports through shell companies and bringing back that money, showing it as "foreign investment".
With PTI inputs