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Indian government says 5,800 companies suspected of money laundering just tip of the iceberg

( October 9, 2017, 06:01 GMT | Insight) -- The Indian government has identified 5,800 companies that are suspected of laundering money during the demonetization period, saying they accounted for only 2.5 percent of suspected firms and that other entities will soon be uncovered, the Economic Times of India reports.The Indian government has identified 5,800 companies that are suspected of laundering money during the demonetization period, saying they accounted for only 2.5 percent of suspected firms and that other entities will soon be uncovered, the Economic Times of India reports. Thirteen banks, including Bank of Baroda, IDBI Bank and Canara Bank, provided key information on 5,800 companies holding 13,140 accounts, showing large amounts being deposited and withdrawn around the demonetization period beginning on Nov. 8, 2016, when the government withdrew from circulation high-denomination currency notes. ...

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