Income Tax Department Uncovers Rs 4,400 Crore Overseas Transfers, 2 Pune CAs Accused of Issuing Fake Certificates:

An Income Tax Department investigation has found that more than Rs 4,400 crore was allegedly sent abroad without proper verification of documents. Two chartered accountants from Katraj-Kondhwa Road area have been booked in the case, the police said.

The Income Tax Department found that the two chartered accountants had certified 13,404 foreign exchange transactions during the last four financial years from 2022 to 2026, police said.

Companies need to obtain certificates like Form 15CA and Form 15CB to send money abroad or do some international business transactions. These certificates are given by the chartered accountants after scrutinizing the company’s documents, transactions and bank accounts.

The probe found the two chartered accountants allegedly did not verify the documents and bank accounts properly. They allegedly prepared fake certificates and submitted them to the Income Tax Department.

The department also found that large amounts of money had been sent abroad in the name of three companies. When officials went to the companies' addresses for verification, they found that the offices were closed. The companies were allegedly operating only on paper.

According to the complaint filed by Income Tax Department officer Tanmayi Desai, the accused chartered accountants submitted fake certificates on 13,404 occasions during the four-year period. Through these transactions, more than Rs 4,427 crore was allegedly sent abroad without proper verification.

The complaint says the transactions led to a loss in the country’s foreign exchange reserves and affected the economy. A case has been registered at Yewalewadi police station and Crime Branch Police Inspector Deepak Karande is investigating the matter.