The ministry of corporate affairs has asked the Serious Fraud Investigation Office (SFIO) to probe 57 suspected shell companies on the basis of reports by regional directors of the office of the Registrar of Companies (RoCs). Sources say 18 of these entities deposited above Rs 1 billion each and the other 39 deposited between Rs 250 million and Rs 1 billion each in the post-demonetisation period. A senior official from the ministry told Business Standard, " This investigation has been ordered as per Section 216 of the Companies Act, wherein the government can order investigation to find who would benefit by financial transactions of a company."The official stated they'd sought more details of deposits by all suspected shell companies from banks. "All banks have not provided us the details. These include cooperative and rural banks," he said.From information given by 13 banks, Rs 45 bn (Rs 4,500 crore) was deposited and withdrawn between November 8, when demonetisation was announced, .
