Government of India has received vital information from 13 banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year.
This could be a major breakthrough in the fight of the Modi government against black money and shell companies as the first instalment of received data pertains to merely about 5,800 companies(out of more than 2 lakh that were struck off) involving 13,140 accounts. It has been found that few of the companies were having more than 100 accounts to their names. The highest grosser among these is a company having 2134 accounts.
The data pertaining to the pre demonetization account balances and transactions conducted from the accounts of these companies during the demonetization period is even more startling. Bureaucracy Today has been informed that cumulative bank balance of these companies which was Rs 22.05 crore to their credit on 8th November, 2016 jumped to Rs. 4,573.87 crore in the period of demonetization till the date they were struck off.
The identified companies were having multiple accounts with miniscule or negative balance as on 8th November, 2016 which have then deposited and withdrawn amounts going in several crores from these accounts. The accounts were thereafter again left as dormant accounts with paltry balance.
For example, in one of the Bank, 429 companies having zero balance each as on 8th November, 2016 have deposited and withdrawn over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 as at the date of freezing.
It needs to be re-emphasized that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Government. Bureaucracy Today suspects that the huge money game played by these companies may well be the tip of an iceberg of corruption, black money and black deeds of these and many more of their brethren.