The British multinational oil and gas company, Shell Plc announced to use of AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration. It is done in view to boost its offshore oil output, the companies said on Wednesday.&nbsp;

SparkCognition’s AI algorithms will process and analyse large amounts of seismic data in the hunt for new oil reservoirs by Shell, which is the largest oil producer in the US Gulf of Mexico.&nbsp;

“We are committed to finding new and innovative ways to reinvent our exploration ways of working,” Gabriel Guerra, Shell’s vice president of innovation and performance, said in a statement.

Also Read | <a href="https://www.wionews.com/technology/google-to-delete-inactive-accounts-including-content-of-google-drive-and-youtube-should-you-worry-593285">Google to delete inactive accounts, including content of Google Drive and YouTube- Should you worry?</a>

The goal is to improve operational efficiency and speed and increase production and success in exploration. The new process can shorten to less than nine days from nine months, the companies said.&nbsp;

“We are committed to finding new and innovative ways to reinvent our exploration ways of working,” Gabriel Guerra, Shell’s vice president of innovation and performance, said in a statement.

<h2>How AI will help in deep-sea exploration?</h2>

AI is a broad branch of computer science that focuses on organizing intelligent machines capable of accomplishing tasks, typically requiring human intelligence. Therefore, AI as a technology can aid machines to stimulate human behaviour.

The AI-based technology would help in generating subsurface images using fewer seismic data scans than usual, helping with deep sea preservation, the companies said. Seismic technology sends sound waves to explore subsurface areas.&nbsp;

Fewer seismic surveys accelerate exploration workflow and would save costs in high-performance computing, the companies added.&nbsp;

<h2>Emerging use of AI in different industries</h2>

AI-based technology has opened new opportunities in different industries like, healthcare, space exploration, education sector and logistics. The contribution of the technology giants like Microsoft, Google, Apple and IBM in the healthcare sector holds significant importance for the industry.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/science/scientists-baffled-over-mysterious-tremors-recorded-in-denmark-592939">Scientists baffled over ‘mysterious tremors’ recorded in Denmark</a>

AI is currently being applied for a wide range of healthcare services, including data mining for identifying patterns and then carrying out the more accurate diagnosis and treatment of medical conditions, medical imaging, medication management, drug discovery and robotic surgery.

Likewise, in the logistics and transportation industry, AI is on the verge of making a revolution. The use of machine learning and predictive analytics has already transformed supply chain management, making it a seamless process. Many warehouses use AI-powered robots for sorting and packaging products in warehouses.

(With inputs from agencies) 
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The British multinational oil and gas company, Shell Plc announced to use of AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration.

The British multinational oil and gas company, Shell Plc announced to use of AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration. It is done in view to boost its offshore oil output, the companies said on Wednesday. SparkCognition’s AI algorithms will process and analyse large amounts of seismic data in the hunt for new oil reservoirs by Shell, which is the largest oil producer in the US Gulf of Mexico. “We are committed to finding new and innovative ways to reinvent our exploration ways of working,” Gabriel Guerra, Shell’s vice president of innovation and performance, said in a statement. Also Read | Google to delete inactive accounts, including content of Google Drive and YouTube- Should you worry? The goal is to improve operational efficiency and speed and increase production and success in exploration. The new process can shorten to less than nine days from nine months, the companies said. “We are committed to finding new and innovative ways to reinvent our exploration ways of working,” Gabriel Guerra, Shell’s vice president of innovation and performance, said in a statement. How AI will help in deep-sea exploration? AI is a broad branch of computer science that focuses on organizing intelligent machines capable of accomplishing tasks, typically requiring human intelligence. Therefore, AI as a technology can aid machines to stimulate human behaviour. The AI-based technology would help in generating subsurface images using fewer seismic data scans than usual, helping with deep sea preservation, the companies said. Seismic technology sends sound waves to explore subsurface areas. Fewer seismic surveys accelerate exploration workflow and would save costs in high-performance computing, the companies added. Emerging use of AI in different industries AI-based technology has opened new opportunities in different industries like, healthcare, space exploration, education sector and logistics. The contribution of the technology giants like Microsoft, Google, Apple and IBM in the healthcare sector holds significant importance for the industry. Also Read | Scientists baffled over ‘mysterious tremors’ recorded in Denmark AI is currently being applied for a wide range of healthcare services, including data mining for identifying patterns and then carrying out the more accurate diagnosis and treatment of medical conditions, medical imaging, medication management, drug discovery and robotic surgery. Likewise, in the logistics and transportation industry, AI is on the verge of making a revolution. The use of machine learning and predictive analytics has already transformed supply chain management, making it a seamless process. Many warehouses use AI-powered robots for sorting and packaging products in warehouses. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Shell to use new AI-based technology in deep-sea exploration in partnership with SparkCognition

India's Serious Fraud Investigation Office (SFIO) has uncovered fraudulent shell companies with Chinese links.

Accused of conducting illegal transactions, the operation's mastermind has been arrested for appointing dummy directors to run the fraudulent businesses.

Following a crackdown on Indian entities that were providing fake directors to some shell companies linked to China, the SFIO raided multiple places to unearth the scam.

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According to the SFIO, a man called Dortse used the names of Indian citizens who had no education and worked in menial jobs for directors of several of the shell companies.

He was a board member of a wholly owned subsidiary of Jillian Hong Kong Ltd and allegedly perpetrated several frauds.

Dortse was arrested from Bihar's Gaya while he was trying to flee the country before getting caught red-handed.

The Union ministry of corporate affairs revealed that he had posed as a resident of Himachal Pradesh to conceal the racket he was running.

For their alleged involvement in providing dummy directors to shell companies linked to China, two directors of the company and a citizen of Beijing have been arrested by the local police.

(With inputs from agencies)

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India's Serious Fraud Investigation Office (SFIO) has uncovered fraudulent shell companies with Chinese links. Accused of conducting illegal transactions, the operation's mastermind has been arrested for appointing dummy directors to run the fraudulent businesses.

India's Serious Fraud Investigation Office (SFIO) has uncovered fraudulent shell companies with Chinese links. Accused of conducting illegal transactions, the operation's mastermind has been arrested for appointing dummy directors to run the fraudulent businesses. Following a crackdown on Indian entities that were providing fake directors to some shell companies linked to China, the SFIO raided multiple places to unearth the scam. × According to the SFIO, a man called Dortse used the names of Indian citizens who had no education and worked in menial jobs for directors of several of the shell companies. He was a board member of a wholly owned subsidiary of Jillian Hong Kong Ltd and allegedly perpetrated several frauds. Dortse was arrested from Bihar's Gaya while he was trying to flee the country before getting caught red-handed. The Union ministry of corporate affairs revealed that he had posed as a resident of Himachal Pradesh to conceal the racket he was running. For their alleged involvement in providing dummy directors to shell companies linked to China, two directors of the company and a citizen of Beijing have been arrested by the local police. (With inputs from agencies) Watch WION's live TV here: ×

Fraudulent shell companies with Chinese links uncovered in India, mastermind arrested

At a time when the market regulator Securities and Exchange Board of India (Sebi)&nbsp;is cracking down on shell companies, BSE has decided to &#39;compulsorily&#39; delist 200 firms from the stock exchange, reported PTI.&nbsp;

It will also bar the promoters of these companies from accessing the markets for 10 years. Trading in the shares of these companies have remained suspended for 10 years.

These firms will be &quot;delisted from the platform of the exchange, with effect from August 23, 2017 pursuant to order of the delisting committee of the exchange in terms of Sebi (Delisting of Equity Shares) Regulations&quot;, BSE said in three separate circulars, PTI said.

The government, in July, had ordered closure of 200,000 shell firms and action against more is expected to be taken soon.

Prime Minister Modi in his independence day speech had said that those who have looted the wealth of the nation will not be spared.

Post demonetisation, authorities have seen a significant spurt in shell companies depositing cash, Reuters said in a &nbsp;report.

The crack down on these shell firms will significantly curb tax evasion and increase compliance.

(With inputs from agencies)

The move comes at a time when the government has taken a tough stand against shell firms which facilitate tax evasion

At a time when the market regulator Securities and Exchange Board of India (Sebi) is cracking down on shell companies, BSE has decided to 'compulsorily' delist 200 firms from the stock exchange, reported PTI. It will also bar the promoters of these companies from accessing the markets for 10 years. Trading in the shares of these companies have remained suspended for 10 years. These firms will be "delisted from the platform of the exchange, with effect from August 23, 2017 pursuant to order of the delisting committee of the exchange in terms of Sebi (Delisting of Equity Shares) Regulations", BSE said in three separate circulars, PTI said. The government, in July, had ordered closure of 200,000 shell firms and action against more is expected to be taken soon. Prime Minister Modi in his independence day speech had said that those who have looted the wealth of the nation will not be spared. Post demonetisation, authorities have seen a significant spurt in shell companies depositing cash, Reuters said in a report. The crack down on these shell firms will significantly curb tax evasion and increase compliance. (With inputs from agencies)

BSE to 'compulsorily' delist 200 companies, bar promoters for 10 years

When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth.

The moment, said a top aide to Modi, was an eye-opener for the government, which had not realized just how much shell companies were being used to hide assets and launder money.

Modi&#39;s office has formed a team of top law enforcement and revenue officials to go after such companies, according to the aide and a government memo reviewed by Reuters.

Last month, the authorities ordered nearly 200,000 shell companies to be shut down, and the aide said the government is examining hundreds of thousands more.

The systematic crackdown on shell companies - which have no active business operations or assets - is perhaps one of the most tangible outcomes of demonetization, which aimed to hit tax evasion and move India toward cashless, digital transactions that leave a paper trail.

&quot;We are very much at war against black money. The impact of this (crackdown) will be huge on shell companies,&quot; the aide, who cannot be named in line with government rules, told Reuters.

In his Independence Day address on Tuesday, Modi claimed credit for going after these companies, and warned that &quot;looters of the nation&#39;s wealth will have to answer.&quot;

Modi took office in 2014, vowing to fight corruption and bring back billions of dollars stashed away overseas as well as in real estate, stock markets and front companies through a web of fictitious names.

While the move to withdraw 85 percent of bank notes shook the economy and was widely criticised, the fight against unaccounted wealth carries overwhelming support from ordinary Indians who often have to pay bribes for government services.

LALBAZAR STREET, KOLKATA

A high-level task force leading the investigation has found hundreds of shell companies are registered in a few buildings in Kolkata, according to the government note reviewed by Reuters.

More than 400 companies listed their address in a dimly-lit colonial-era building at 9/12 Lalbazar Street.

In its warren of offices were firms offering services such as earthmoving equipment, infrastructure financing, information technology consultants and many others which had office space the size of cubicles.

Many were locked, with their padlocks coated in dust. Others were grimy residential quarters with laundry hanging from the windows.

Data separately provided by Tofler, a company information database service, identified nearly 3,000 companies in two offices in the building. Some were named after flowers.

A tax inspector said the Kolkata firms were a virtual money laundering industry and drew a parallel to the Panama legal firm Mossack Fonseca that emerged from obscurity last year after the leak of millions of documents from its offices that illustrated how the wealthy use offshore corporations to avoid taxes.

&quot;The Kolkata industry does the work of obfuscating money trails. Kolkata companies are a huge network that take your money from one end and bring it out the other,&quot; said the inspector, who didn&#39;t want to be identified as he&#39;s not authorised to talk to the media.

FRAUD AND EMBEZZLEMENT

The shell companies support much of the fraud and embezzlement in India, tax authorities say.

The owners of these companies create elaborate smokescreens, including naming personal servants and chauffeurs as board directors, the tax inspector said, adding they are used to obscure the ultimate beneficiaries, conceal political investment, route money to evade tax, commit fraud or manipulate tenders.

Last week, the Securities Exchange Board of India imposed trading restrictions on 162 listed entities as shell companies as part of its broader crackdown on illegal offshore transfers and tax evasion.

Several firms identified in the list of front companies have challenged the decision, saying they were engaged in legitimate business.

The Serious Fraud Investigation Office is creating a database of shell companies, and has so far identified 114,269 as front firms.

The database contains details of those involved in the shell company &#39;eco-system&#39;, from those who set up the companies to the beneficiaries of laundered money and the professional mediators who bring the operators and beneficiaries together, the government note said.

More than 370 front companies were listed at 23A Netaji Subhash Road, another site in Kolkata, according to the note.

Sujit Kumar Mukherjee, the secretary of the 23A Tenants&rsquo; Association, said he was not in a position to say if there were front firms operating from the building.

&quot;It is very difficult to say who is doing what behind the front door,&quot; he said.

When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. The moment, said a top aide to Modi, was an eye-opener for the government, which had not realized just how much shell companies were being used to hide assets and launder money. Modi's office has formed a team of top law enforcement and revenue officials to go after such companies, according to the aide and a government memo reviewed by Reuters. Last month, the authorities ordered nearly 200,000 shell companies to be shut down, and the aide said the government is examining hundreds of thousands more. The systematic crackdown on shell companies - which have no active business operations or assets - is perhaps one of the most tangible outcomes of demonetization, which aimed to hit tax evasion and move India toward cashless, digital transactions that leave a paper trail. "We are very much at war against black money. The impact of this (crackdown) will be huge on shell companies," the aide, who cannot be named in line with government rules, told Reuters. In his Independence Day address on Tuesday, Modi claimed credit for going after these companies, and warned that "looters of the nation's wealth will have to answer." Modi took office in 2014, vowing to fight corruption and bring back billions of dollars stashed away overseas as well as in real estate, stock markets and front companies through a web of fictitious names. While the move to withdraw 85 percent of bank notes shook the economy and was widely criticised, the fight against unaccounted wealth carries overwhelming support from ordinary Indians who often have to pay bribes for government services. LALBAZAR STREET, KOLKATA A high-level task force leading the investigation has found hundreds of shell companies are registered in a few buildings in Kolkata, according to the government note reviewed by Reuters. More than 400 companies listed their address in a dimly-lit colonial-era building at 9/12 Lalbazar Street. In its warren of offices were firms offering services such as earthmoving equipment, infrastructure financing, information technology consultants and many others which had office space the size of cubicles. Many were locked, with their padlocks coated in dust. Others were grimy residential quarters with laundry hanging from the windows. Data separately provided by Tofler, a company information database service, identified nearly 3,000 companies in two offices in the building. Some were named after flowers. A tax inspector said the Kolkata firms were a virtual money laundering industry and drew a parallel to the Panama legal firm Mossack Fonseca that emerged from obscurity last year after the leak of millions of documents from its offices that illustrated how the wealthy use offshore corporations to avoid taxes. "The Kolkata industry does the work of obfuscating money trails. Kolkata companies are a huge network that take your money from one end and bring it out the other," said the inspector, who didn't want to be identified as he's not authorised to talk to the media. FRAUD AND EMBEZZLEMENT The shell companies support much of the fraud and embezzlement in India, tax authorities say. The owners of these companies create elaborate smokescreens, including naming personal servants and chauffeurs as board directors, the tax inspector said, adding they are used to obscure the ultimate beneficiaries, conceal political investment, route money to evade tax, commit fraud or manipulate tenders. Last week, the Securities Exchange Board of India imposed trading restrictions on 162 listed entities as shell companies as part of its broader crackdown on illegal offshore transfers and tax evasion. Several firms identified in the list of front companies have challenged the decision, saying they were engaged in legitimate business. The Serious Fraud Investigation Office is creating a database of shell companies, and has so far identified 114,269 as front firms. The database contains details of those involved in the shell company 'eco-system', from those who set up the companies to the beneficiaries of laundered money and the professional mediators who bring the operators and beneficiaries together, the government note said. More than 370 front companies were listed at 23A Netaji Subhash Road, another site in Kolkata, according to the note. Sujit Kumar Mukherjee, the secretary of the 23A Tenants’ Association, said he was not in a position to say if there were front firms operating from the building. "It is very difficult to say who is doing what behind the front door," he said.

Modi sets up team to go after shell companies

The enforcement directorate raided the premises of some 300 shell companies Saturday morning, the Press Trust of India reported.&nbsp;

The raids were conducted at a 100 locations&nbsp;across 16 states.&nbsp;

PTI reported that raids were conducted in the cities of&nbsp;Delhi, Chennai, Kolkata, Chandigarh, Patna, Ranchi, Ahmedabad, Bhubaneswar, and Bengaluru among others.&nbsp;

Officials said the raids were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to check money laundering and illegal foreign exchange transactions.&nbsp;

The ED has recently attached the assets of these firms; the assets are reportedly worth crores.&nbsp;

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ED is conducting nationwide searches under FEMA &amp; PMLA in 16 states at over 100 premises in relation to 300 shell companies. <a href="https://t.co/tq9ZgCRDBo">pic.twitter.com/tq9ZgCRDBo</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/848098265396424704">April 1, 2017</a></blockquote>
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The order to raid the alleged shell firms was issued a few weeks ago from the Prime Ministers Office (PMO).&nbsp;

A shell company is defined as &quot;a non-trading company used as a vehicle for various financial manoeuvres or kept dormant for future use in some other capacity&quot;.

(WION with inputs from PTI)

The enforcement directorate raided the premises of about 300 alleged shell companies in as many as nine cities

The enforcement directorate raided the premises of some 300 shell companies Saturday morning, the Press Trust of India reported. The raids were conducted at a 100 locations across 16 states. PTI reported that raids were conducted in the cities of Delhi, Chennai, Kolkata, Chandigarh, Patna, Ranchi, Ahmedabad, Bhubaneswar, and Bengaluru among others. Officials said the raids were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to check money laundering and illegal foreign exchange transactions. The ED has recently attached the assets of these firms; the assets are reportedly worth crores. ED is conducting nationwide searches under FEMA & PMLA in 16 states at over 100 premises in relation to 300 shell companies. pic.twitter.com/tq9ZgCRDBo — ANI (@ANI_news) April 1, 2017 × The order to raid the alleged shell firms was issued a few weeks ago from the Prime Ministers Office (PMO). A shell company is defined as "a non-trading company used as a vehicle for various financial manoeuvres or kept dormant for future use in some other capacity". (WION with inputs from PTI)

Crackdown on shell companies begins, ED raids 100 locations in 16 states

A meeting was held in the Prime Ministers Office which included senior officers of various departments to review the functioning of &lsquo;shell companies&rsquo; (companies which do&nbsp;not conduct any operations and indulge in money laundering) in India, in order to prevent&nbsp;money laundering and tax evasion, especially in the context of unearthing black money post-demonetisation.&nbsp;

There are about 15 lakh registered companies in India and only 6 lakh companies file their annual tax returns, according to the government. This means a large number companies may be indulging in financial irregularities. &nbsp; &nbsp;

In the initial analysis it has been found that &lsquo;shell companies&rsquo; are characterized by nominal paid-up capital, high reserves &amp; surplus on account of receipt of high share premium, investment in unlisted companies, no dividend income, high cash in hand, also private companies as majority shareholders, low turnover &amp; operating income, nominal expenses, nominal statutory payments &amp; stock in trade including minimum fixed asset.

In a small sample analysis of such companies it has been found that Rs.1,238 crore cash has been deposited in these entities during November-December period.&nbsp;

Serious Fraud Investigation Office (SFIO) has filed criminal prosecution for cheating the national exchequer after investigation of entry operators running a group of 49 shell companies and other proprietorship concerns.&nbsp;

It has been found that 559 beneficiaries have laundered money to the extent of Rs.39,00 crore with the help of 54 professionals who have been identified. This information has been shared with SIT, Income Tax Department, Enforcement Directorate, SEBI and The Institute of Chartered Accountants of India (ICAI).&nbsp;

Income Tax Department has re-opened completed assessment in these cases and Enforcement Directorate has initiated action under Prevention of Money Laundering Act (PMLA), 2002. ICAI has also initiated disciplinary proceedings against its members. The winding up process has been initiated in respect of 49 shell companies.

In order to create a credible deterrence a &ldquo;whole government approach&rdquo; will be adopted through coordinated efforts and by leveraging technology.&nbsp;

It has also been decided that appropriate red flag indicators would be used for identifying shell companies, and a database of such companies and their directors would be built by pulling in information from various agencies. The database will also capture Aadhar number of individual directors in the companies.

Harsh punitive actions will be taken against the deviant shell companies which will include freezing of bank accounts, striking off the names of dormant companies and invocation of Benami Transactions (Prohibition) Amendment Act, 2016.

A task force with members from various regulatory ministries and enforcement agencies has been set up under the co-chairmanship of the revenue secretary and corporate affairs secretary to monitor the actions taken against deviant shell companies by various agencies. &nbsp;&nbsp;

The concerned regulatory ministry will ensure that disciplinary actions are initiated against the professionals indulging in malpractices and abetting the entry operators of the shell companies.

(WION)

The government has decided to take harsh action against shell companies which includes freezing bank accounts of these companies

A meeting was held in the Prime Ministers Office which included senior officers of various departments to review the functioning of ‘shell companies’ (companies which do not conduct any operations and indulge in money laundering) in India, in order to prevent money laundering and tax evasion, especially in the context of unearthing black money post-demonetisation. There are about 15 lakh registered companies in India and only 6 lakh companies file their annual tax returns, according to the government. This means a large number companies may be indulging in financial irregularities. In the initial analysis it has been found that ‘shell companies’ are characterized by nominal paid-up capital, high reserves & surplus on account of receipt of high share premium, investment in unlisted companies, no dividend income, high cash in hand, also private companies as majority shareholders, low turnover & operating income, nominal expenses, nominal statutory payments & stock in trade including minimum fixed asset. In a small sample analysis of such companies it has been found that Rs.1,238 crore cash has been deposited in these entities during November-December period. Serious Fraud Investigation Office (SFIO) has filed criminal prosecution for cheating the national exchequer after investigation of entry operators running a group of 49 shell companies and other proprietorship concerns. It has been found that 559 beneficiaries have laundered money to the extent of Rs.39,00 crore with the help of 54 professionals who have been identified. This information has been shared with SIT, Income Tax Department, Enforcement Directorate, SEBI and The Institute of Chartered Accountants of India (ICAI). Income Tax Department has re-opened completed assessment in these cases and Enforcement Directorate has initiated action under Prevention of Money Laundering Act (PMLA), 2002. ICAI has also initiated disciplinary proceedings against its members. The winding up process has been initiated in respect of 49 shell companies. In order to create a credible deterrence a “whole government approach” will be adopted through coordinated efforts and by leveraging technology. It has also been decided that appropriate red flag indicators would be used for identifying shell companies, and a database of such companies and their directors would be built by pulling in information from various agencies. The database will also capture Aadhar number of individual directors in the companies. Harsh punitive actions will be taken against the deviant shell companies which will include freezing of bank accounts, striking off the names of dormant companies and invocation of Benami Transactions (Prohibition) Amendment Act, 2016. A task force with members from various regulatory ministries and enforcement agencies has been set up under the co-chairmanship of the revenue secretary and corporate affairs secretary to monitor the actions taken against deviant shell companies by various agencies. The concerned regulatory ministry will ensure that disciplinary actions are initiated against the professionals indulging in malpractices and abetting the entry operators of the shell companies. (WION)

'Shell companies' under lens post-demonetisation

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