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India Unearths $1 Billion of Suspicious Cash in Corruption Crackdown

  • Investigations may see up to 450,000 directors disqualified
  • More than 200,000 companies have been deregistered in probe
Updated on

India is intensifying its crackdown on dubious companies after it unearthed over $1 billion in suspicious cash deposits as part of its investigations into corruption and efforts to boost foreign investment, a minister said.

While the government has already revoked permissions for over 200,000 companies and restricted their bank accounts, it is now working on limiting property transfers to trace any further generation of black money, said P.P. Chaudhary, junior minister for corporate affairs, in an interview on Oct. 18 in New Delhi.