ED raids
offices of 34 chartered accountants and some company secretaries in New Delhi
The raids follow an earlier notice issued by the ED to
the chartered accountants and company secretaries.
The Enforcement Directorate (ED) is carrying out
a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and
company secretaries for allegedly providing a legitimate cover to shell
companies.
The CAs and CSs are accused of helping shell
companies convert black money in to white. They allegedly help shell companies
by providing a legal framework for the paper companies. The raids follow
notices that were earlier issued.
On Wedesnday, the ED was raiding the offices of
34 CAs in the Jain brothers case who were arrested last month in action against
shell by the ED.
According to a report by PTI, the agency had
arrested Surendra Kumar Jain and Virendra Jain and were later sent to 10 days
custody after being produced in front of a court.
The ED, at the time said in a statement that
"the modus operandi of Jain brothers was to launder the unaccounted money
through the process of placement of funds, layering of transactions and the
final integration of laundering money into the banking channel camouflaged as
legitimate share premium transactions.
“Funds were brought in by the mediators on
behalf of the beneficiaries through the mediators. Jain Brothers were providing
accommodation entries by accepting funds from their beneficiaries through
mediators and converting the same into share premium transactions in the
beneficiary company. In this process Jain Brothers earned money as a certain
percentage of the unaccounted money converted into share premium,” it added.
The ED also said, "during probe of some
other firms 'controlled' by these brothers, it has emerged that during a “short
period of three months between the opening and closing of the accounts of these
companies, there was credit and debit summations to the tune of Rs 8,000 crore.”
Courtesy _ DNA
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