Moneycontrol
Feb 15, 2017 10:28 AM IST | Source: Moneycontrol.com

Govt takes action against 34 CAs for allegedly laundering money

The accountants were allegedly found laundering money for companies through shell companies during the demonetisation period.

Govt takes action against 34 CAs for allegedly laundering money
Binu Panicker
Moneycontrol 

The government has shared with the Institute of Chartered Accountants of India (ICAI), names of 34 chartered accountants (CAs) who were allegedly found laundering money for companies through shell companies during the demonetisation period, ICAI President Nilesh S Vikamsey told The Financial Express on Tuesday.

The ICAI would issue show cause notices to these professional depending on the graveness of their participation. It has already began the process of verification of the names provided to them. S Vikamsey said the professionals will be produced before the disciplinary committee if guilt is established in the investigation prima facie.

"The ICAI does not have the power to temporarily suspend chartered accountants found involved in wrongdoing. We have made a representation to the government to equip us with such powers by amending the CA Act," Vikamsey said.

The government said they had found evidence against 559 beneficiaries who appointed these 54 professionals who laundered close to Rs 4,000 crore for the former. It confirmed the information has been shared with the appropriate agencies, including ICAI.
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