Crackdown on black money: ED raids 300 companies in 16 states
New Delhi/Bhubaneswar, Apr 01: As part of its crackdown on black money, the Enforcement Directorate (ED) conducted simultaneous raids at 300 companies in 16 states including Odisha on Saturday.
According to reports, the ED sleuths conducted searches at 300 shell firms in 100 cities like Delhi, Chennai, Kolkata, Chandigarh, Patna, Ranchi, Ahmedabad, Bhubaneswar, Bengaluru and others.
The ED officials raided the shell firms under the provisions of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).
Sources said, the ED officials raided those companies that have changed more than Rs 100 crore of black money into white money after the demonetisation in November 2016.