13. Shell Company Indicators:- No Staff, No Utilities, Only Paper Presence Search teams reportedly found several inconsistencies in the functioning of these entities. Key observations include: No staff presence and negligible electricity or water usage at declared offices Multiple companies registered with the same mobile number and email ID No EPFO/ESIC records, despite showing significant turnover on paper Repetition of common directors and authorised signatories Minimal salary disbursements from bank accounts; HR records almost absent Nearly identical incorporation timelines and contact details Officials believe these indicators point to “paper companies created primarily to route or conceal financial transactions.”