Rs 4,427-crore overseas remittance racket on Pune cops' radar, case against 2 CAs
Pune Police have registered a case against two chartered accountants and others in connection with a suspected Rs 4,427-crore overseas remittance racket involving alleged tax evasion and transactions by three bogus companies.
A Rs 4,427-crore overseas remittance racket is under the scanner of Pune Police, which has registered a case against two chartered accountants and others over alleged tax evasion, and irregularities involving transactions by three firms described by investigators as bogus or shell entities.
According to police, a total of Rs 4,427.92 crore was allegedly remitted overseas between the financial years 2022-23 and 2025-26. Investigators are probing whether the transactions were structured to bypass tax compliance requirements and facilitate the transfer of funds outside India.
At the centre of the investigation are Form 15CB certificates, which are used to determine the tax implications of certain payments made to entities outside India. Police allege that the two chartered accountants, who run an accounting and tax consultancy firm in Pune, issued the certificates without carrying out the required verification of the transactions and the companies involved.
Investigators further allege that the two CAs were not authorised to issue the certificates. Despite this, they allegedly prepared and uploaded the documents on the Income Tax Department portal, enabling the three companies to make overseas payments.
According to the police, Form 15CB is required for certain taxable payments made to non-residents where the aggregate amount exceeds Rs 5 lakh in a financial year.
INCOME TAX OFFICER FILES COMPLAINT
The case came to light after Income Tax officer Tanmayee Desai approached Yewalewadi police station and lodged an FIR on Sunday. Her complaint alleged irregularities in the preparation and use of Form 15CB certificates linked to the overseas remittances.
Pune Police have registered a case under several provisions of the Bharatiya Nyaya Sanhita, including Section 318(4), relating to cheating; Section 234, concerning false certificates; Section 229, amounting to false evidence; and Section 3(5), dealing with joint criminal liability.
No arrests have been made so far.
The Deputy Commissioner of Police of the Economic Offences Wing told India Today TV that the transactions and other aspects of the case are being investigated.