It is not just businessmen and corporate houses, but politicians, too, who use the complex web of shell companies that crisscrosses Delhi, Mumbai and Kolkata to launder and stash their ill-gotten wealth.
The century-old building is falling apart as if in pain and shame, having lost not only its glory but also its honour. Once home to families of freedom fighters, Nagin-das Mansion on JSS Road in Mumbai, is now a symbol of the biggest corporate fraud in India. It is from here that fugitive diamantaire Nirav Modi ran his flagship companies—Firestar Diamond Inc and Diamond R Us—which are at the centre of the 11,400-crore Punjab National Bank scam.
The Enforcement Directorate has a list of around 40 other companies of Modi that are registered at this address, such as Moon Valuers Pvt Ltd, Moola Consultants Pvt Ltd, Ghazalah Investments Pvt Ltd and Bentley Realty Pvt Ltd. The ED believes these are shell companies formed for routing unaccounted money. Some of them have been forced to shut shop after their names were struck offby the Registrar of Companies; some others have changed name and address.
The proliferation of shell companies in cities big and small has become one of the biggest threats to the economic stability of India. “There has been a practice of creating some non-compliant companies, commonly known as shell companies or proxy companies, to route the financial transactions and money from the main frontman companies,” said P.P. Chaudhary, Union minister of state for corporate affairs. “The government has struck off approximately 2.26 lakh companies in its first drive against non-compliant companies. We have written to the chief secretaries of states that the properties of these 2.26 lakh companies should not be allowed to be transferred or sold. In the second drive, the government issued notices to approximately 2.25 lakh non-compliant companies. The ministry is examining the responses of these companies. Till now we have struck offthe names of around 1 lakh non-compliant companies of these 2.25 lakh.”
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