Over 2 lakh firms under scanner for post-demonetisation transactions

India Infoline News Service | Mumbai | October 06, 2017 19:11 IST

The government has confirmed that post-demonetisation, some 2,09,032 companies are under scrutiny for their transactions.

Around 13 banks have submitted data pertaining 5,800 companies out of over 2 lakh firms that were struck off by the regulator. In all, 13,140 accounts are under scrutiny in the first phase.

Some of the companies have been found to have more than 100 accounts. One company has 2134 accounts in its name. It has been revealed that after separating loan accounts, these companies were having a balance of Rs 22.05 crore as on November 8, 2016. But from November 9, 2016, that is, after the announcement of demonetisation, and till the date of them being struck off, these companies together deposited a huge sum of Rs. 4,573.87 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crores.

Disturbing factors of companies with multiple accounts and with a minuscule or negative balance as on November 8, 2016, have also been identified. This exercise of swindling the authorities was carried out post-demonetisation till these companies were struck off.

In some cases, certain companies were more adventurous and made deposits and withdrawals even after being struck off. For example, in one bank, 429 companies had zero balance as on November 8, 2016, and thereafter withdrew over Rs 11 crores and had a cumulative balance of Rs 42,000 when their accounts were frozen.

This data is only about 2.5% of the total number of suspected companies that have been struck off by the government. Investigative agencies have been ordered to complete the probe in a timebound manner.