Person arrested from Noida for Rs 50 crore GST evasion is not CA : ICAI Clarifies

Person arrested from Noida for Rs 50 crore GST evasion is not CA : ICAI Clarifies Misc/PRG/LE-8/2018

November 12, 2018

The Editor The Times of India Surya Nagar, Prabhat Nagar Meerut, Uttar Pradesh 250003 Dear Sir Sub: News Item titled Delhi-based CA, two others arrested from Noida for Rs 50 crore GST evasion published in The Times of India dated October 24, 2018 We would like to draw your attention to the news item titled Delhi-based CA, two others arrested from Noida for Rs 50 crore GST evasion (as attached) published in The Times of India dated October 24, 2018. The report states that A Delhi based Chartered Accountant (CA) and his two associates were arrested on late Monday night from their office in Noida Sector 63 for alleged evasion of Rs 50 crore Goods and Services Tax (GST). The Report further mentions The accused are Akhilesh Sharma, a director in some bogus companies; Rahul Jain, an advocate, and Madhusudan Pandey, a Delhi based Chartered Accountant. All three of them and around a dozen more were involved in fake billing of more than 20 companies. After comprehensive review of the aforesaid news-item, ICAI, being a regulator of the profession of Chartered Accountants had taken up the matter and verified its records and found that Madhusudan Pandey is not a Chartered Accountant as his name does not appear in the Register of members maintained by the ICAI. It is quite unfortunate that a reputed National newspaper like The Times of India has published the story without verifying the facts from ICAI and published such an adverse report in a manner which has caused immense damage to the credentials of CA profession. In such sensitive cases, the concerned correspondent ought to have verified the facts with the Institute before issuing any statement wherein the involvement of a Chartered Accountant is suspected. The contents of the story published thus are incorrect in so far as the reference to Chartered Accountant is concerned. This is to inform that The Institute of Chartered Accountants of India (ICAI) is a statutory body set up under an Act of Parliament to regulate the Profession of Chartered Accountants in India. The Institute upholds the ethical values that form the hallmark of the profession and strongly believes that corruption is a menace to society and it can be ostensibly eradicated if there is accountability attached with calibrated powers. In view of the above, we request you to take appropriate steps by publishing suitable article prominently in your newspaper immediately stating the facts so as to clear the doubts in the minds of readers and all stakeholders. We are sure that as responsible news daily, you will carry the facts forwarded by ICAI. It is requested that in future, if any such news item appears wherein there is an alleged involvement of Chartered Accountant, the matter may be referred to ICAI for cross verifying the credentials from its records, before going to the Press. Thanking you,

Yours faithfully,

V. Sagar, Secretary The Institute of Chartered Accountants of India ICAI Bhawan, P.B. No. 7100 Indraprastha Marg, New Delhi - 110 002

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