Shell Company Crackdown: 114 companies being run from one address in Hyderabad
In a huge breakthrough in the campaign being run by the government against the Shell companies. A big forgery has been revealed from Telangana’s capital, Hyderabad. There were not one or two, but 114 companies operating inside a room here. This sensation was revealed after a raid. Not only this, these companies have kept their balance sheets upto date. There was also a complete description of the director and his salary. It is believed that all these companies are shell companies. All these companies were being run from the posh area Jubilee Hill area of Hyderabad.
A team of eight officers reached on the third floor of Fortune Monarch Mall during a search on Wednesday morning. Here they found out about the companies during a room check. According to the report of NDTV, 50 companies out of the 114 companies found in the investigation had no business. Many of them were shown to have a loss of about 8 to 15 crores. According to sources, these companies were connected to each other. Their main task was money laundering.
