ED raids 110 shell companies

New Delhi April 1 (IANS) The Enforcement Directorate on Saturday conducted simultaneous raids on 110 shell companies across the country an official said.

According to an ED official these companies were suspected to be involved in dubious and illegal transactions during demonetisation.

Several top business houses being searched in various cities such as Mumbai Delhi Chennai Bengaluru and Kolkata the official told IANS.

The raids are being carried out under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to investigate instances of money laundering and illegal foreign exchange transactions.

--IANS
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