HYDERABAD: A politically well-connected individual from Hyderabad is on the radar of the Registrar of Companies (RoC) for allegedly floating shell companies to launder illicit funds. Just a day after cracking down on a whopping 114 shell firms, most of which belonged to disgraced entrepreneur B Ramalinga Raju, sleuths are said to be closing in on this mystery person.
The Registrar of Companies officials is also roping in local police as they are expecting some ‘resistance’ from supporters of this ‘well-connected’ person. “A bigger raid is likely today as a lot more companies are involved. Politically connected people are also on the radar and none will be spared,’’ officials said, adding that they have been tracking the activities of this influential group.
Meanwhile, fresh raids carried out on Thursday identified 25 more suspected shell companies functioning from a single registered office belonging to one Gorantla & Associates, a chartered accounting firm in Domalguda. “Raids revealed these shell companies had connections with a reputed fertiliser production firm,” said a senior official on condition of anonymity.
“These companies have shared the same registered office address for last 11 years. Initially, executives refused to admit that they handle 25 firms. But later, we got records that we will further examine,” he added. What has spiked the interest of officials is the fact that a majority of these companies claim to be agro or farm-based.
The companies held assets like agricultural lands and were also allegedly lending money to each other, though not in business anymore in most cases. “These companies were either created to circulate money or set up in order to escape land ceiling,” the official said.
More raids likely
Thursday’s raids, officials clarified, were not related to SRSR advisory services’ raid of Wednesday. The SFIO expects to trace down over 300 more suspected shell companies in connection with SRSR advisory services. Three to four more locations are scheduled to be raided in coming days