New Delhi: At least Rs 3,900 crore was laundered through shell companies between November-December after the ban on high-value banknotes, investigations by a central agency have found.
The probe by the Serious Fraud Investigation Office (SFIO) has also identified at least 54 people who helped 559 beneficiaries with laundering the illicit cash, sources said.
The government recalled 500 and 1000-rupee notes on November 8 in a move it said was aimed at sucking out illicit cash from the system. Since then, various financial crime investigating agencies are tracking movement of high volumes of cash.
The sources said the people involved in laundering the money through 49 shell companies have been identified and could face stringent action.
Shell companies, which are anonymous corporate entities with fake ownership, are used as conduits to convert illicit money into legal cash and are vital to the money laundering chain.
A task force comprising members of various regulatory ministries and enforcement agencies has been set up under revenue secretary Hasmukh Adhia and corporate affairs secretary Tapan Ray to monitor action taken against shell companies.
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