Govt: Professionals like Lawyers and CAs helped Accused in Money Laundering of Rs.3,800 Crore during demonetisation

March,18,2017:

Professional include 34 chartered accountants, three company secretaries, 4 advocates and 13 others are in the dock.

Parliament was informed that Serious Fraud Investigation Office (SFIO) has found that CAs & advocates helped 559 people launder ₹3,790 crore in cash.

Without giving any direct reply to a query on whether shell companies swindled ₹3,900 crore during demonetization period, the Minister of State for Corporate Affairs- Arjun Ram Meghwal said that in 1 of the investigations by SFIO, it was found that a group of eleven companies had laundered money to the extent of ₹3,790 crore during the period 2004 to August, 2010.

In a written reply in the Lok Sabha, he said that SFIO, which comes under Corporate affairs ministry, identified 54 professionals who helped 559 beneficiaries in laundering illicit cash.

To detect financial frauds, SFIO is in process of developing an early warning system & a consulting agency has been engaged for developing the conceptual work which would strengthen SFIO’s capability for taking stringent action against corporate misconduct.