Now Reading: Hyderabad CA booked for Rs 465 crore foreign remittance fraud
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Hyderabad CA booked for Rs 465 crore foreign remittance fraud
Hyderabad's Central Crime Station has booked chartered accountant Hari Shankar Reddy Renati and others for allegedly facilitating unauthorised outward foreign remittances of Rs 464.8 crore through two shell entities. The case was…
Hyderabad's Central Crime Station has booked chartered accountant Hari Shankar Reddy Renati and others for allegedly facilitating unauthorised outward foreign remittances of Rs 464.8 crore through two shell entities. The case was registered on August 22 following a complaint from the Income Tax department. The alleged transactions occurred during FY 2021-22 and 2022-23.
The FIR states that Renati issued multiple Form 15CB certificates, a tax determination document required for remittances over Rs 5 lakh, for Clickwin Techno Solutions LLP (Pune) and Stockpile Softech Solutions Pvt Ltd (Visakhapatnam) without verifying their books or supporting documents. Physical checks found Stockpile's registered address occupied by another firm for five years. The certificates were used by banks to process the remittances.
The Income Tax wing had searched Renati's premises on August 18, during which he reportedly said he had not verified the entities' books before issuing certificates. The case has been filed under IPC sections 420, 193, and 197.
Indian Opinion Analysis
Both Times of India and Siasat report the same FIR details without editorial framing. The coverage is uniform straight reporting: each lists the accused, the shell entities, the Rs 464.8 crore figure, and the procedural steps from IT search to CCS registration. The only narrative difference is placement, Times of India leads with the CA's booking, while Siasat front-ends the fraud amount. Neither outlet adds context on how Form 15CB certification typically works or whether such shell-entity remittances point to a wider enforcement gap. The measured takeaway: a well-documented case built on a search and physical verification of addresses, with banks as potential intermediaries who relied on the certificates. The next concrete step to watch is whether the Enforcement Directorate takes up a money-laundering angle given the foreign remittance trail.
Coverage: 2 sources, 2 neutral
Sources (2): timesofindia.indiatimes.com (neutral report), siasat.com (neutral report)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
