Jaipur, August 25: A significant financial scandal has emerged in the capital of Rajasthan, Jaipur. The Income Tax Department has filed a complaint against Chartered Accountant Abhishek Jain. He is accused of issuing 3,168 Form 15CB certificates without proper verification of documents.
According to the complaint, approximately ₹23,956 crores were transferred abroad based on these certificates. This issue came to light following a survey conducted by the Income Tax Department’s investigation wing on August 18.
During this survey, officials also inspected Jain’s office located in the Journalist Colony area of Jaipur. The department’s complaint indicates that documents related to foreign transactions, specifically Form 15CB certificates, were uncovered during the investigation.
Following the survey, Mintu Lal Meena, Deputy Director of the Income Tax Department, lodged a complaint at the Journalist Colony police station, leading to the filing of an FIR against Jain.
The FIR states that these transactions occurred during the financial years 2021-22, 2022-23, and 2023-24. The department alleges that around ₹23,956 crores were sent abroad based on the 3,168 certificates issued.
The department has raised questions about the financial status of several individuals and companies involved in these transactions. The complaint notes that some of these entities had not even filed income tax returns or had no significant business activities or income, yet substantial amounts were transferred abroad under their names.
The FIR alleges that necessary document verification was not conducted before issuing the certificates. It is essential to examine transactions and related tax and financial documents for Form 15CB certification for foreign payments. The department has questioned the verification of agreements, account-related documents, tax residency certificates, and Form 10AB.
The complaint states that the proper investigative procedures were not followed. Allegedly, around 40 firms, companies, and trusts were used to send foreign funds, which the department has labeled as suspicious or fraudulent.
The FIR mentions transactions amounting to approximately ₹8,788 crores under one individual’s name and about ₹9,775 crores under another’s. The Income Tax Department has called for further investigation into these transactions and the companies involved.
However, all allegations are currently unproven and will require investigation and legal proceedings to establish their validity. CA Abhishek Jain has been named the primary accused in the FIR.
The complaint cites sections 318(4), 234, 229, and 35 of the Indian Penal Code (IPC) in this case. The police will now investigate bank accounts, records of foreign transactions, Form 15CB certificates, and documents related to the companies involved.
Investigative agencies will also examine the roles of individuals initiating the transactions and any intermediaries or other parties involved. The investigation will reveal whether this misconduct was limited to the issuance of certificates or part of a larger financial network. Currently, the allegations are under investigation, and no final conclusions about the accused’s guilt can be drawn until the inquiry is complete.
It is important to note that a Form 15CB certificate is an official document issued by a Chartered Accountant, used to verify tax and TDS status when transferring money from India to abroad.
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