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The Enforcement Directorate in Chennai is carrying out investigation into shell companies that are suspected of laundering money.
According to a reliable source, the ED is investigating eight companies with a presence in 12 locations today. Some of these "addresses are only on paper''. Initial estimates indicate that over ₹ 80 crore has gone out of the country.
The names of companies under ED’s investigation are Galaxy Impex, Snowcity & Co, BK Electro Tools Products, Green International, Metal Tradus and Horizon Trading. Investigators are in the process of identifying the people behind these companies, the source said.
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