Kolkata, Nov 4 Fund diversions made in cash in the multi-crore ration distribution case in West Bengal might be much more than similar diversions through use of shell companies, say ED officers probing the matter.
The central agency sleuths have tracked several payments as investments in certain businesses as well as some deposits in certain banks, the majority of which were made in cash.
The ED sleuths have now started investigating whether Standard Operating Procedures in case of cash deposits were followed by the banks, especially in regards to registering the PAN of the depositor in case the one-time cash deposit exceeded Rs 49,999, sources said.
Sources added that even in the case of deposits under Rs 50,000 the ED sleuths are trying to track the frequency with which such deposits were made.
The central agency sleuths are also trying to find the source of funds in case of cash payments made in certain businesses.
In the case of three shell companies namely Shree Hanuman Realcon Private Limited, Gracious Innovative Private Limited and Gracious Creation Private Limited, whose names surfaced during the course of the ED's probe in the ration distribution case, the investigating sleuths have tracked several fictitious inward and outward transactions in crores in the bank accounts of these companies.
The ED sleuths noticed that the outward remittances in hefty amounts happened within hours or even minutes after the inwards remittances, clearly hinting towards the fact that these companies were floated for the sole purpose of fund diversion.
ED sleuths strongly believed that these corporate entities were floated and kept active for a limited period just to divert the proceeds of the ration distribution case through them.
As per the records of the Registrar of Companies (ROC), while the current status of Shree Hanuman Realcon is dissolved, the status of the other two entities is shown as "under liquidation."
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