CBI conducts searches at offices of two shell firms

CBI today said it conducted searches at the offices of two firms here and seized documents indicating that they were functioning as shell companies.
Searches were conducted at the offices of M/s Aerospace Technology Lab and M/s Embedded Computing Laboratory, the Central agency said.
Documents seized during the searches suggested that these firms acted as shell companies and earned commission for it, it said.
These companies were the "links for diversion of funds" by fraudsters, DIG V Chandrasekar of CBI said in a release.
CBI had come across several shell companies during the investigation of bank fraud and other cases, he said.

These companies had no genuine business, but were only into "accommodating receipt and transfer of funds which are mainly proceeds of crime", he said.