Money laundering: ED cracks down on shell companies

Rajalakshmi S Updated - January 15, 2018 at 01:06 PM.

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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.

Published on April 1, 2017 08:19