Breaking: More than 30 Chartered Accountants, Company Secretaries booked by Economic Offences Wing

The Mumbai Police Economic Offences Wing is investigating 34 Indian firms that were formed with the Registrar of Companies (ROC) in Mumbai between 2010 and 2020 and where foreign people allegedly became directors and owners through deception. These businesses have locations around the state.

“Appointing a foreigner as a director in an Indian corporation is a lengthy process.” However, the involvement of each accused is being investigated by creating firms with Indian directors and afterward inducting foreigners as directors,” an officer added. “Indians who were appointed as company directors eventually resigned, and foreigners were appointed as directors, with the majority of shares transferred to their names,” an official stated.

More than 30 Chartered Accountants (CAs), Company Secretaries (CSs), and Company directors are charged in all 34 cases. The CAs and CSs are accused of working hand in hand with the other defendants to incorporate corporations and then replace some of the Indian directors with foreign nationals. “A total of 150 people, including a half-dozen foreigners, have made reservations.”

Source: Time of India