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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.