The list is mostly comprised of real estate, finance and entertainment companies.
The government has prepared a list of 16,794 shell companies with inputs from all investigative agencies. The list is mostly comprised of real estate, finance and entertainment companies.
Moneycontrol has the full list of shell companies, which also includes the 331 companies flagged off by the Ministry of Corporate Affairs to SEBI.
There are more than 700 real estate companies across the country that are under the scanner of investigation agencies. Following the government’s demonetisation drive in November last year, these firms accepted large sums of cash, which are suspected to have been done with an aim to help tax evaders launder their undisclosed income.
“These real estate companies are under scanner for unaccounted money as well as for benami property,” a senior income tax department official told Moneycontrol, adding that there was a separate team focused on unearthing benaami properties across the country.
The list of shell companies also includes more than 400 stock and commodity broking firms. Many of these companies are being probed for helping wealthy individuals evade taxes through fake long term capital gains.
“Some of the commodities brokers have been misusing the liberalized remittance scheme under the garb of trading in overseas markets,” the above-mentioned official said.
Moneycontrol was the first to report on August 11 that the Financial Intelligence Unit has prepared a list of more than 13,000 shell companies.
More than 20 entertainment companies are also under the scanner of investigation agencies. These firms are unable to justify the income shown in their books.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.