CA guilty of misconduct for doing fraud of Rs.50,00,000

The Disciplinary Committee of ICAI in the matter of CA. Akhilesh Agarwal has held CA guilty of misconduct for doing fraud of Rs.50,00,000.

The Board of Discipline vide Findings dated 10th February, 2023 was of the view that CA. Radhey Shyam Bansal (M. No. 091903) is Guilty of “Other Misconduct” falling within the meaning of Item (2) of Part-IV of the First Schedule to the Chartered Accountants Act, 1949 read with section 22 of the said Act in respect of the first charge only.

CA. Radhey Shyam Bansal, in his written representation reiterated the submissions made at the time of hearing and further submitted the following:-

a) The Complainant has not come to the Hon’ble ICAI with complete and true facts.

b) The Complaint has been filed in order to shieldthe, real mastermind and other alleged accused from escaping from the clutohes of law.

c) The Complainant has not enclosed any documents which show dereliction of duties and responsibilities on the part of the Respondent.

d) The Director(Discipline) failed to observe that matter relates to an alleged misconduct committed more than seven years prior to the Institute taking cognizance of the same and would, therefore, should have been barred under Rule 12 of the 2007 Rules. The period of 9 (Nine Years) i.e year 2005 to year 2014 have passed since the alleged misconduct took place shows the Complainant’s malafide intentions and nefarious design.

The Board has carefully gone through the facts of the case along with the oral and written representation of CA. Radhey Shyam Bansal. As regard the plea of the Respondent that period of 9 years have passed since the alleged misconduct took place and the complaint should have been barred, the Board was of the view that hearing has already been concluded in the case and the said plea was never raised by the Respondent during the course of hearing before the Board. Thus, the Board was of the view that such plea is belated and hence not maintainable.

Further, as per the Findings of the Board as contained in its report, the act of the Respondent of being the facilitator/intermediary in the project of constructing buildings/flats wherein he sought investments from independent personnel which subsequently turned out to be fraudulent is highly indecorous and amounts to misconduct on the part of the Respondent. Hence, CA. Radhey Shyam Bansal was held Guilty of “Other Misconduct” falling within the meaning of Item (2) of Part IV of the First Schedule to the Chartered Accountants Act, 1949 read with section 22 of the said Act in respect of the first charge only.

Thus, upon consideration of the facts of the case, the consequent misconduct of CA. Radhey Shyam Bansal and keeping in view his oral and written representation before it, the Board decided to remove the name of CA. Radhey Shyam Bansal (M.No. 091903) from the Register of Members for a period of 1 (One) month and also imposed a fine of Rs.1,00,000/- (Rs. One Lakh only) upon him.

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