The Serious Fraud Investigation Office (SFIO) will probe at least 18 companies for alleged suspicious transactions involving huge amounts of money during demonetisation, a senior official said as the government continues its crackdown against illicit fund flows. Against this backdrop, authorities have come across suspicious transactions involving huge amounts of money by some of the deregistered companies. A senior official said the SFIO would probe at least 18 companies for indulging in suspicious transactions during the demonetisation period. According to an official release issued on November 5, cash deposits worth over Rs 17,000 crore were made and later withdrawn post demonetisation by as many as 35,000 companies that were later deregistered. In one case, a company which had a negative opening balance on November 8, 2016, deposited and withdrew Rs 2,484 crore post demonetisation, it had said.

Source: Economic Times December 03, 2017 05:48 UTC