Banks provide vital information about post-demonetization transactions of 5800 suspicious companies
New Delhi: Vital information has been received by the Government of India from 13 banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year.
Investigative agencies have been asked to complete necessary investigation regarding these transactions in a time bound manner.
After being struck off the Register of Companies, operation of the bank accounts of these 2,09,032 suspicious companies were restricted for discharge of their liabilities only.
The First Instalment of data has been submitted by 13 banks and more is to follow. The data received from the banks pertains to merely about 5,800 companies (out of more than 200,000 that were struck off) involving 13,140 accounts. Few of the companies have been operating more than 100 accounts in their names. Among these is a company having 2134 accounts, followed by others having accounts in the range of 300 to 900.
The data pertaining to the pre demonetization account balances and transactions conducted from the accounts of these companies during the demonetization period is even more startling.
It is learnt that, after separating the loan accounts, these companies were having a meagre balance of Rs 22.05 crore to their credit on 8 November, 2016. But from 9 November, 2016 i.e. after the announcement of demonetization, till the date of their being struck off, these companies have altogether deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore.
Companies having multiple accounts with miniscule or negative balance on 8 November, 2016 have deposited and withdrawn amounts running into several crore from these accounts. The accounts were thereafter again left as dormant accounts with paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried-out post demonetization till the companies were struck off. In some cases, certain companies have even made deposits and withdrawals after being struck off.
For example, in one of the Banks, 429 companies having zero balance each as on 8 November, 2016 have deposited and withdrawn over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 on the date of freezing.
Similarly in the case of another Bank, more than 3000 such companies, most having multiple accounts, have been located. From having a cumulative balance of about Rs. 13 crore as on 8 November, 2016, these companies have deposited and withdrawn about Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.
It needs to be re-emphasized that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Government. The huge money game played by these companies may well be the tip of an iceberg of corruption and black money.