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Noida police bust 800 more illegal shell companies

Suspected Shell CompaniesNoida police bust 800 more illegal shell companies

Police said that when a chargesheet is filed in this case, provisions of the Gangster Act will be invoked because it is a matter of national security and a significant financial loss to the government

A gang of eight people who were arrested on Thursday for unscrupulously misusing permanent account number (PAN) cards of 635,000 people for over five years to create 2,660 shell companies to evade Goods and Services Tax (GST) worth multiple crores, had also created and registered 800 more shell companies that had not yet been sold, police officers familiar with the matter said on Friday.

“Besides the 2,660 shell companies, we discovered that the gang had registered 800 more companies with GST. During interrogation, the gang members said that they intended to sell these to their clients within the next two to three months,” said deputy commissioner of police (Noida) Harish Chander.

Chander also said that if a chargesheet is filed in this case, provisions of the Gangster Act will be invoked. “Because it is a matter of national security and a significant financial loss to the government, provisions of the Gangster Act will be added to the first information report under which the suspects were arrested. They have been booked under sections of the Indian Penal Code dealing with cheating, forgery, and criminal conspiracy,” said the DCP.

Story from hindustantimes.com

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