Rs 815 Crore Sent Abroad Through Fake Certificates, FIR Against CA: 1,674 Form-15CBs Issued Without Checking Documents; Several Firms Found Fake:

Police have registered a case against Chartered Accountant Sheril Gupta following a complaint by the Income Tax Department. Gupta is accused of issuing 1,674 Form-15CB certificates for sending money abroad without properly checking the required documents and accounts.

The Income Tax Department conducted a search at Gupta’s office in Raisinghnagar on August 18. During the investigation, officials examined 1,405 of the 1,674 certificates. These certificates were linked to 56 remitters, through whom around Rs 815.52 crore was sent abroad.

According to the investigation, the 1,674 certificates were linked to 66 people. Four of them were from Rajasthan, while the others were from states including Kerala, Maharashtra, Karnataka and West Bengal. The department said that one businessman, Arshad Khan, sent more than Rs 610 crore abroad in 990 transactions through these certificates.

Other major transactions were also found. Ganesh Sakharam Jadhav allegedly sent Rs 44.63 crore in 71 transactions, while L. Cometido Marine Shipping sent Rs 39.96 crore in 55 transactions. Bullfrog Logistics was linked to transactions worth Rs 28.17 crore.

The Income Tax Department has alleged that Gupta admitted during questioning that he had not personally checked or verified the accounts, agreements and other documents related to the transactions.

Officials also found that some of the people involved were either not filing Income Tax Returns or had reported very low business turnover. Despite this, large amounts of money were sent abroad in their names. The department has identified several entities as suspected shell or fake companies.

The case was registered at Raisinghnagar Police Station on the complaint of Kanhaiyalal Meena, Deputy Director, Investigation, Income Tax Department. Police will now investigate the role of other intermediaries and whether a larger syndicate was involved in the transactions.

The investigation has been handed over to ASI Surendra Singh. Officials said that if the involvement of any other person or group is established, action will also be taken against them.

According to sources, the Income Tax Department is also investigating the activities of a major hawala operator in Sriganganagar, who is allegedly handling transactions worth crores of rupees every day. Further action in the matter is expected.