Patna: The income tax department’s investigation unit has uncovered a suspected network of entities allegedly involved in large overseas remittances over the past three years, with a link to Bihar-based chartered accountant (CA) emerging during the probe.The department’s investigation team conducted search recently at the CA’s residence and offices in Danapur and Patna, and examined Form 15 CB certificates—generally required when taxable overseas payments exceed Rs5 lakh in a financial year—issued to several firms involved in overseas fund transfers. A number of these certificates have reportedly been found suspicious or allegedly fraudulent during the initial scrutiny.The department’s preliminary assessment suggests that foreign currency equivalent to approximately Rs400 crore to Rs500 crore may have been transferred abroad using such certificates. Officials, however, are expected to establish the exact amount and nature of the transactions only after completing the detailed investigation.The probe is part of a wider nationwide verification exercise covering 394 entities (senders and receivers) and 36 professionals across 18 principal cities, including Patna, Mumbai, Kolkata, Bengaluru, Ahmedabad and Chennai. Of the entities under scrutiny, 117 are reportedly located in districts adjoining India’s land borders.Investigators are examining entities linked to substantial overseas transfers to countries including Thailand, Malaysia, Indonesia, etc. The focus is on tracing the source of funds, identifying the actual beneficiaries and determining whether the stated purposes of the remittances were genuine.Official sources in the department said several entities under scrutiny reportedly failed to file IT returns or declared very low business turnover despite transferring significant amounts overseas. The role of professionals issuing Form 15 CB certificates is also being examined, particularly whether proper due diligence, compliance checks and verification of books and supporting documents were carried out before certifying the remittances.The investigation remains underway, and officials are examining the links between the entities, their controllers and the professionals involved. Further names and details are expected to emerge as the nationwide verification progresses.
