Post demonetisation bank data reveals 5,800 companies with 13,140 suspicious accounts

The Narendra Modi led NDA Government on Friday Oct 06,2017 announced that it has received the post-demonetisation transaction data from 13 banks involving 5,800 companies and 13,140 bank accounts.

The Registrar of Companies struck off 2,09,032 companies from its lists earlier this year on the suspicion that they were shell companies. The data provided to the government involves the transactions of some of these companies.

“It may be recalled that after being struck off, the operation of the bank accounts of these 2,09,032 suspicious companies were restricted for discharge of their liabilities only,” the government said in a statement on Friday. “These 13 banks have submitted their first instalment of data. The data received from them pertains to merely about 5,800 companies [out of more than two lakh that were struck off] involving 13,140 accounts.”

The statement said this in itself was a revealing figure, highlighting the fact that some companies were found to have more than 100 accounts to their names. A company had the highest number of accounts - 2,134,  associated with it, followed by others having accounts in the range of 900, 300, and so on, the statement said.

The release said:

“The data pertaining to the pre-demonetisation account balances and transactions conducted from the accounts of these companies during the demonetisation period is even more startling,” it said.

“It is informed that, after separating the loan accounts, these companies were having a meagre balance of Rs 22.05 crore to their credit on November 8, 2016. However, from November 9, 2016 i.e. after the announcement of demonetisation, till the date of their being struck off, these companies have altogether deposited a huge amount of Rs 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore.

“Disturbing factors have been identified of companies having multiple accounts with miniscule or negative balance as on November 8, 2016 which have then deposited and withdrawn amounts going in several crores from these accounts.

“The accounts were thereafter again left as dormant accounts with paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried out post demonetisation till the companies were struck off.”

In some cases, the government said, some companies had even made deposits and withdrawals even after being struck off.

For example, in one of the banks, 429 companies with zero balance each as on November 8, 2016 deposited and withdrew over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 at the date of freezing.

“It needs to be re-emphasized that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Government,” the statement said. “The huge money game played by these companies may well be the tip of an iceberg of corruption, black money and black deeds of these and many more of their brethren.”

“The investigative agencies have been asked to complete necessary investigation in a time bound manner,” it added. “The country and honest citizen may well look forward to a more cleaner tomorrow.”