The Economic Offences Wing of Mumbai police has unearthed a major scam and probing 34 Indian companies registered with the Registrar of Companies (ROC), Mumbai, between 2010 and 2020 where foreign nationals allegedly became directors and owners through fraudulent means.
These Companies are having offices in different parts of the State. “It’s a long process to appoint a foreigner as director in an Indian company. However, by forming companies with Indian directors and later inducting foreigners as directors, the role of each accused is being probed,” an officer said. “Indians who were appointed as company directors later resigned and foreigners were appointed as directors and a majority of shares were also transferred in their name,” said an officer.
It’s a long process to appoint a foreigner as a director in an Indian Company. However, by forming companies with Indian directors and later inducting foreigners as directors.
In all 34 cases, more than 30 chartered accountants and 30 Company Secretaries (CSs), and companies’ directors are accused. The glove with the other accused while forming companies and later replacing some of its Indian directors with the foreign nationals.” Totally, 150 people, including five dozen foreigners, have been booked. Niket Kaushik, the joint commissioner of police (EOW), has formed a team, comprising senior police inspector and inspector, to investigate the cases. “We have found that some directors are the same in three-four companies and witnesses are also the same,” said an officer. Police said they are trying to find out the firms’ present status.
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