Insta
ED: Mumbai Operator Running 700 shell Companies Converted Rs 47 crore for Chhagan Bhujbal
Swarajya Staff
Apr 01, 2017, 03:22 PM | Updated 03:22 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The Enforcement Directorate (ED) is conducting country-wide searches. The agency is covering as many as 16 states and targeting over 100 locations. Around 300 shell companies were the target.
ED conducts nationwide searches under FEMA & PMLA in 16 states at over 100 premises in relation to 300 shell companies.
— ED (@dir_ed) April 1, 2017
The twitter account of the agency also tweeted that in one of the searching operations, it found that a Mumbai operator was running 700 shell companies with 20 dummy directors and had converted Rs 46.7 crore for NCP leader Chaggan Bhujbal.
The Economic Times reported that ‘the action is part of the mandate given to the ED under a Special Task Force (STF) that was recently created by the government on the directions of the Prime Ministers Office (PMO).’ In the last few days, the agency has attached assets worth crores of scores of such shell companies.
On Wednesday, the ED had alleged that Chhagan Bhujbal laundered Rs 291.71 crore, while his nephew Sameer laundered Rs 359.30 crore. The agency had submitted its findings to the Prevention of Money Laundering Act (PMLA) court. The trial against the Bhujbals is expected to start soon.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.