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CBI unearths 339 shell Cos used to divert ₹ 2,900 cr

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The Central Bureau of Investigation has unearthed a complex nexus of 339 shell companies used for allegedly diverting funds unscrupulously to the tune of ₹2,900 crore as part of its investigation into such cases over the last three years.
The activities were exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and a private bank.

CBI has referred these cases to other investigating agencies for action under various laws like the Companies Act, Prevention of Money Laundering Act, Benami Transactions (Prohibition) Act and Income Tax Act among others.

IANS

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