Taxman Identifies 1,155 Shell Firms Used To Launder Rs 13,300 Crore

New Delhi: The Income Tax department has identified 1,155 shell companies which were used as conduits to launder money amounting to Rs 13,300 crore during three years to March 2016, Parliament was informed today. Minister of State for Finance Santosh Kumar Gangwar said investigations conducted by the I-T department have led to identification of number of entities which existed and operated only in form but not in substance. These e...