I-T Dept Found Improper Certification Enabled Overseas Transfers
Rajkot: Police have booked nine people, including four who identified themselves as chartered accountants, for allegedly facilitating foreign remittances worth Rs 804.30 crore through improperly issued Form 15CB certificates, following a complaint by the Income Tax department’s investigation wing.Gandhidham ‘A’ Division police registered the offence late on Friday night based on a complaint filed by Nikhil Patidar, an income tax Inspector posted in Gandhidham, on behalf of the Income Tax Investigation Wing, Ahmedabad.The accused allegedly issued Form 15CB certificates without proper verification of supporting records, enabling seven companies to receive financial benefits totalling approximately Rs 804.30 crore and causing losses to the exchequer.The FIR states that the I-T department carried out search and survey operations at several accountants’ premises in Gandhidham, under provisions of the Income Tax Act.Officials allegedly found that the accused chartered accountants had issued Form 15CB certificates under the Income Tax Rules, 1962, facilitating substantial overseas remittances. During questioning, they allegedly admitted that they had not verified account books, contracts or supporting documents of the remitting entities and had not interacted with the actual directors or owners of the companies involved.Investigators alleged that the process was handled through middlemen and that the accused earned unaccounted cash commissions.Form 15CB is a tax determination certificate issued by a chartered accountant for foreign remittances exceeding Rs 5 lakh in a financial year when payments are made to a non-resident or a foreign company.The FIR names Puneel Atul Dand, Nikhil Avdhesh Mishra, Rahul Sadhu, Karan Agrawal, Ravindra Shishupal Kela, Pravin Jain, Shailendra Shehravat, Alok Mittal and Ajaykumar Abani as accused.They have been booked for criminal breach of trust, cheating, forgery and criminal conspiracy under the BNS.Police said further investigation is under way to determine the total illicit gains generated and to identify the true beneficiaries, company directors and handlers linked to the remittances.
