ED raids 110 shell companies
The Enforcement Directorate on Saturday had conducted a raid on 110 shell companies across the country, which were suspected to be involved in illegal transactions during demonetisation.
1 April 2017 9:00 AM GMT
The Enforcement Directorate on Saturday conducted simultaneous raids on 110 shell companies across the country, an official said.
According to an ED official, these companies were suspected to be involved in dubious and illegal transactions during demonetisation.
"Several top business houses being searched in various cities such as Mumbai, Delhi, Chennai, Bengaluru and Kolkata," the official told IANS.
The raids are being carried out under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to investigate instances of money laundering and illegal foreign exchange transactions.
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