In a major drive that involved 28 public sector and 1 private sector bank, CBI has unearthed a massive 339 shell companies in the past 3 years resulting in unearthing Rs.2900 crores of funds which were used by these companies for diversion of funds and creation of black money and avoiding the taxes.
These companies were allegedly involved in bank loan fraud, providing false invoices, routing funds, rotation funds & fraudulent infusion of equity among others.
Chargesheets have been filed by the CBI against the borrowers, bank officials who were involved in the transaction and also the shell companies. Cases were registered under the Indian Companies Act, Benami transaction act and Money Laundering act.
The two major companies that are featured in the above case includes Mahua media group headed by P.K. Tiwary, Anand Tiwary and Abhishek Tiwary against who 8 cases were filed and Zoom Developers Private Ltd against whom 7 cases have been filed.
The promoters of the Mahua Group had operated three shell companies & involved 95 shell companies for directing the illegal money which amounted to Rs.802 crores. The companies are based in Kolkata.