Source : INDIA TODAY NEWS
Pune Police have launched an investigation into an alleged large-scale tax evasion and illegal outward remittance racket involving more than Rs 4,427 crore, with case registered against two chartered accountants and others in connection with transactions involving three companies described by investigators as bogus or shell entities.
According to the police, a total of Rs 4,427,92,44,408 was allegedly remitted overseas during the financial years 2022-23 to 2025-26. Investigators are probing whether the transactions were structured to bypass tax compliance requirements and facilitate the transfer of funds outside India.
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At the centre of the case are Form 15CB certificates, which are used to determine the tax implications of certain payments made to entities outside India. Police allege that the two chartered accountants, who run an accounting and tax consultancy firm in Pune, issued the certificates without carrying out the required verification of the transactions and the companies involved.
Investigators further allege that the two CAs were not authorised to issue the certificates. Despite this, they allegedly prepared the documents and uploaded them on the Income Tax Department portal, enabling the three companies to make overseas payments.
According to police, Form 15CB is required in cases involving taxable payments to non-residents where the aggregate amount exceeds Rs 5 lakh in a financial year.
The case came to light after Income Tax officer Tanmayee Desai approached Yewalewadi police station and lodged an FIR on Sunday. The complaint alleged irregularities in the preparation and use of the certificates linked to the overseas remittances.
Pune Police have registered a case against the accused under several provisions of the Bharatiya Nyaya Sanhita, including Section 318(4) relating to cheating, Section 234 concerning false certificates, Section 229 relating to false evidence and Section 3(5).
No arrests have been made so far. The Deputy Commissioner of Police of the Economic Offences Wing told India Today that the investigation into the alleged transactions is underway.
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SOURCE :- TIMES OF INDIA
