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Power, oil, telecom firms under CBI lens for laundering

The agency has asked for details of such cases from banks and the DRI

The Central Bureau of Investigation (CBI) had told the finance ministry some "well-known" companies in the power, oil, and telecommunications sectors were involved in round-trip trading by indulging in third-party transfers in violation of law. Round-trip trading is the practice of a business selling an unused asset to another company while agreeing to buy back the same asset for about the same price. It artificially inflates volume and revenues, but adds no profit. In separate letters to Revenue Secretary Shaktikanta Das and Financial Services Secretary G S Sandhu last ...