Now Reading: CA booked over Rs 186 crore foreign remittances in third FIR
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CA booked over Rs 186 crore foreign remittances in third FIR
Police in Andhra Pradesh have booked a chartered accountant and seven firms for allegedly facilitating the illegal transfer of Rs 186 crore abroad using false Form 15CB certifications. The case, registered on…
Police in Andhra Pradesh have booked a chartered accountant and seven firms for allegedly facilitating the illegal transfer of Rs 186 crore abroad using false Form 15CB certifications. The case, registered on August 22 in Guntur, is the third FIR arising from income tax department investigations into questionable foreign remittances in Telangana and Andhra Pradesh.
The complaint was filed by Subhash Koritepati, assistant director of I-T (investigation), Vijayawada. The accused CA, Chinna Venkata Subramanyam Dama, allegedly issued Form 15CB certificates to entities that were later found to be non-existent at their registered addresses. The IT department says the certificates enabled bank clearances for remittances totalling Rs 186 crore between 2022-23 and 2026-27.
Investigators allege Dama issued certifications without examining underlying records required under law. Physical verification reportedly showed the remitting entities had not filed income tax returns despite routing substantial sums abroad. The case follows I-T searches on August 18 at Dama's office in Guntur.
Indian Opinion Analysis
Form 15CB is a critical compliance document under the Income Tax Rules, 1962. A chartered accountant must certify the taxability of a foreign remittance before a bank can process it. The provision is designed to prevent round-tripping and tax evasion via overseas transfers. What makes this case notable is the volume: Rs 186 crore across three financial years. The next step will be the police investigation into the seven named entities, which include IT and logistics firms. Whether the certifications were issued negligently or as part of a wider network will determine the severity of charges under the Bharatiya Nyaya Sanhita.
Source: timesofindia.indiatimes.com
This brief was synthesised by AI from the source linked above.
