ICAI calls out investigating agencies for 'overzealousness' in dealing with CAs

Former ICAI Chairman, C. Murali Krishna

The Institute of Chartered Accountants of India (‘ICAI’) on April 6 noted that there is a pressing need to prevent its members being unnecessarily harassed by unjustified measures by various investigation and law enforcing agencies.

In a press meet conducted in Hyderabad on Thursday, ICAI observed with concern, of late, the "overzealousness shown by various government investigating agencies in interrogation, detention, arrest of Chartered Accountants (CA) for alleged financial or accounting irregularities in the matters connected with the professional services rendered by Chartered Accountants."

The council added that if the necessary protocols and SOPs were in place before any arrests were made, such hasty arrests could have been avoided.

However, the ICAI council emphasised that its intent is not to obstruct the work of various investigation/law enforcing agencies involved.

"But at the same time there is pressing need to prevent its members being unnecessarily harassed and victimized by way of unjustified search, seizure, interrogation, detention and arrest based on mere suspicion of their involvement leading to atmosphere of fear amongst the members of the profession," the council added.