I-T authorities unearth fictitious transactions of Rs 2,200 crore in pan-India search: CBDT
The direct taxes body said the I-T department had found cyclical trading and transfer of funds among group companies, besides booking of bogus expenses and siphoning off of profits from listed companies, and routing of such funds into their closely held companies to make investments, making of circular transactions.
Indian Bank declares Lanco Infra, Basundhara Green Power as fraud a/cs with Rs 589 crore exposure"We have to inform you that fully provided non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirements," it said in an exchange filing.
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