New Delhi: The Enforcement Directorate (ED) on Saturday launched a country-wide operation and conducted searches at 100 locations in 16 states as part of its crackdown on shell companies.
As per sources, ED today visited these locations and raided the premises of about 300 shell firms in prominent places like Kolkata, Chennai, Delhi, Ahmedabad, Chandigarh, Patna and Bengaluru. In Chennai, officials said searches were being carried out at 13 locations linked to 8 companies.
They said the action is being carried out under the provisions of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to check instances of money laundering and illegal foreign exchange transactions.
The agency has recently attached assets worth crores of such firms over a week’s time.