India intensifies crackdown after discovering $1bn in suspicious deposits
New Delhi — India is intensifying its crackdown on dubious companies after it unearthed more than $1bn in suspicious cash deposits. The discovery was part of its investigation of corruption and efforts to boost foreign investment. While the government has already deregistered more than 200,000 companies and restricted their bank accounts, it is now working on limiting property transfers to trace any further generation of black money, says PP Chaudhary, junior minister for corporate affairs. The ministry is probing deposits of more than $1bn made by about 20,000 companies during the cash ban last year, while its Serious Fraud Investigation Office is investigating 1,505 companies for allegedly violating the Companies Act. It is examining another 809 listed companies, found untraceable by SEBI, to check their status, existence of their offices and directors, the minister says. "Our purpose is to increase compliance so that investors’ confidence increases in Indian companies," Chaudhary...
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