CBI nails 9 shellcos in NSEL scam

Source: The Hitavada      Date: 09 May 2017 09:38:26


CBI in its probe of bank frauds has found that NSEL run by Jignesh Shah’s FTIL was allegedly using nine shell companies, that helped in diverting Rs 342 crore of investor’s money

THE Central Bureau of Investigation has found the role of nine shell companies, including several defaulters,for allegedly diverting proceeds related to National Spot Exchange Limited (NSEL) scam to other avenues. The agency in its probeof bank frauds has found that NSEL run by FTIL whose promoter is Jignesh Shahwas, alleged lyusing nine shell companies namely Brinda Commodity Pvt Limited, Tavishi Enterprises,Mohan India, PD Agro Processors,Dunar Foods, White Water Foods,ARK Imports, Vimaladevi Agro tech and Yathuri Associates. While the agency has prosecuted these companies on charges of cheating and corruption,itwill also share its findings with specialised agencies like SFIO,Income Tax and Enforcement Directorate among others.

It is alleged that these companies were trading on the exchange platform without having actual possession of commodities, CBI sources said. The agency has alleged that the nine shell companies,which were defaulters in the scam, allegedly helped in diverting Rs 342 crore of investors’ money.

The CBI had filed chargesheet against FTIL promoter Jignesh Shahand then CEO Anjani Sinha along with 20 other entities in the case. In its probe related to bank fraudcases in last three years, the CBI has unearthed 339 shell companies which had diverted Rs 2,900 crore of bank loan funds, they said.

TheCBI sources further added that the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices and round-tripping of funds to evade taxes and generate black money.

Round-tripping is sending money to tax havens abroad in the guise of payments for fake imports through shell companies and bringing back that money, showing it as “foreign investment”.

Meanwhile, an absconding Kolkata business tycoon Nillesh Parrekh was arrested on Monday by the CBI on his arrival here from Dubai in an ongoing probe into theRs2,223crorelossto20Indian banks, an official said here. The accused had allegedly defrauded the banks by diverting funds, and showing fraudulent exports to shell companies floated in HongKong,Singapore, United Arab Emirates and other places. Following a complaint by the SBI, the CBI had lodged cases against his company and its promoters, directors, chairman and several others