CA arrested for generating Form 15CB used for siphoning 25cr

The Thane cybercrime division caught a Chartered Accountant (CA) and another individual from the payment gateway company after they broke into the system and stole Rs 25 crore.

The two helped the principal accused move money that had been stolen to Hong Kong, China, and Singapore.

One of the accused, CA, resides in Vashi, while the other accused, who runs an import-export company, resides in Kandivli. According to the police, 11 accused parties have been taken into custody in this case. The accused had assisted the prime accused in the swindle, according to the police, who claimed to have focused their investigation on the involvement of the CA.

“There is a procedure to transfer money abroad, and the CA has made as many as 365, Form 15CB certificates for the accused,” a police officer clarified.

In accordance with the Income Tax Act, chartered accounts provide these 15 CB certificates to non-residents and foreign businesses for payment.

The investigation revealed that by failing to issue 15 CB certifications in accordance with the rules, the CA helped the principal accused.

According to the officer, the CA is said to have taken an active part in the scheme and utilized his connections to transfer the funds overseas.

According to a police officer, the investigation is extensive, and every transaction and each person connected to the racket—which has connections both domestically and internationally—is being examined in great detail.

The police said that they had opened an investigation following the theft of Rs 25 crore by an unidentified individual who broke into a payment gateway company’s software. A case was then filed with the Thane police station at Shrinagar.