India has frozen the bank accounts of 209,032 suspected shell companies as part of a crackdown on illegal transactions and tax evasion, the finance ministry said on Tuesday.
The latest action against shell companies - which have no active business operations or assets - comes months after authorities ordered nearly 200,000 such firms to be shut down.
Under the order, the owners and their nominated signatories will not be able to operate bank accounts until such companies are legally restored, the ministry said in a statement.
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"The department of financial services has ... advised all banks that they should take immediate steps to put restrictions on bank accounts of such struck off companies," the statement said.
Tax officials say the owners of shell companies create elaborate smokescreens, including naming personal servants and chauffeurs as board directors, to obscure the ultimate beneficiaries, conceal political investment, evade tax, commit fraud or manipulate tenders.
In his Independence Day address on August 15, the prime minister Narendra Modi described such firms as "looters of the nation's wealth".
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Aayan%E2%80%99s%20records
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners