Gujarat had the highest number of companies, 17 out of 78, that went untraceable after raising £31.2 million from investors. Other entities have been cited from Tamil Nadu, Maharashtra, Madhya Pradesh, West Bengal, Uttar Pradesh, Odisha and Punjab. The stated companies failed to file documents and balance sheets after raising funds through public issues and are untraceable.
The 78 vanishing companies, cumulatively have raised about £31.2 million. Other companies include 13 in Andhra Pradesh, 10 in Tamil Nadu, and 9 in Maharashtra. A total of 238 companies were initially identified by the Ministry of Corporate Affairs as "vanishing companies" which raised money through public issues, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Lok Sabha. Out of these, 160 companies have been deleted from the list as they were subsequently traced. The ministry has also ordered probe into the affairs of 185 companies through Serious Fraud Investigation Office in more than three financial years. They include 24 firms in the current fiscal, allegedly running illegal chit-fund, ponzi and multi-level marketing entities.
