CBI unearths Rs 2,900 crore scam: How shell companies diverted loan funds abroad


jignesh shah

Jignesh Shah

The CBI had registered two cases against Jignesh Shah and Anjani Sinha of National Stock Exchange Limited, also known as “NSEL scam”, in which funds of Rs 342 crore were allegedly swindled.

The Central Bureau of Investigation has unearthed a major scam in which 393 shell companies allegedly diverted funds to the tune of Rs 2,900 crore. The CBI learnt that shell companies were being used to divert loan funds. It was also revealed that fake invoices and round-tripping of funds were created to evade taxes and pile up black money.

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