The Ministry of Corporate Affairs (MCA) has initiated criminal proceedings in connection with alleged irregular overseas remittances amounting to approximately ₹7,383 crore during the period from April 2021 to March 2024.
The cases were registered following a complaint by Rakesh Bansal, Assistant Director of Economic Tax, Mumbai. The proceedings reportedly involve multiple companies, their officials and directors, along with Chartered Accountants accused of facilitating or certifying transactions allegedly without adequate verification.
In one case, allegations relate to overseas remittances of around ₹4,801.5 crore. The FIR reportedly names three companies and their officials, along with nine Chartered Accountants, in connection with the alleged issuance of Form 15CB certificates without proper verification of supporting financial and transaction documents.
A second FIR concerns alleged remittances of approximately ₹2,576.8 crore to overseas entities described as shell companies. The case also involves allegations that fabricated certificates were submitted to the Income Tax Department. The FIR reportedly names 43 companies, an individual and four Chartered Accountants.
The second matter has been transferred to the Economic Offences Wing (EOW) for further investigation.
The proceedings highlight the regulatory scrutiny surrounding overseas remittances, tax certification requirements and the professional responsibilities of Chartered Accountants involved in issuing Form 15CB certificates. CASansaar