Mumbai: 4 Chartered Accountants Booked Over Alleged Fake Form 15CB Certificates Linked To ₹2,575 Crore Overseas Remittances

Mumbai: The MRA Marg police have registered a case against four Chartered Accountants and directors and associates of several companies for allegedly issuing fake Form 15CB certificates without verifying the required financial and transaction-related documents, facilitating overseas remittances totalling ₹2,575.83 crore between the financial years 2021-22 and 2024-25.

The complaint was filed by Pratik Nandkishore Mantri, 30, an Assistant Director of Income Tax, Mumbai. According to the FIR, the Income Tax Department received confidential information that four CAs—Ravi Dhanpat Singh Chaudhary, Abhishek Arvind Kulkarni, Sitaram Mahabaleshwar Bhat and Nalin Ratilal Panchal—had allegedly prepared and issued Form 15CB certificates without verifying the relevant documents and subsequently submitted them for processing overseas remittances.

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CA allegedly issued 618 certificates for ₹821 crore in transactions

The Income Tax Department conducted inquiries on August 18, 2026, and recorded statements of the four CAs under the provisions cited in the complaint. According to the investigation, CA Ravi Dhanpat Singh Chaudhary had allegedly issued 618 Form 15CB certificates for nine entities, involving overseas transactions valued at approximately ₹821.35 crore, during 2021-22 to 2024-25.

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The entities included Shimora Overseas Private Limited, 4X Global Ventures Private Limited, Richman Overseas Logistics Private Limited, Mermaid Overseas Logistics India Private Limited, Ancient Overseas Shipping Private Limited, Shimmery Logistics India Private Limited, Scribbling Shipping Private Limited, Shimron Films & Media Private Limited and Sancho Overseas Private Limited.

The complaint states that Chaudhary admitted during questioning that he had not personally verified the books of accounts, agreements or other necessary documents before issuing the certificates. He allegedly told officials that an acquaintance had introduced him to persons who communicated with him regarding the Form 15CB certificates and that most of the dealings took place over the phone.

Three other CAs allegedly issued 1,362 certificates

Similarly, CA Abhishek Arvind Kulkarni allegedly issued 408 Form 15CB certificates involving transactions worth approximately ₹431.37 crore for 18 entities, including Terrific Supply Chain Solutions Private Limited, His Grace Management Private Limited, Tricton Logistics Private Limited, Herd Technologies Private Limited, Atheios Marine Services Private Limited, Vardhman Enterprises, Auspicious IT Solutions Private Limited and Reenine Trading Private Limited.

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According to the complaint, Kulkarni allegedly admitted that he had not verified the relevant books of accounts or supporting documents. He reportedly told investigators that two other CAs had introduced him to the entities for Form 15CB-related work. CA Sitaram Mahabaleshwar Bhat allegedly issued 163 Form 15CB certificates involving overseas remittances worth around ₹200.58 crore for eight entities, including Qik Transit Logistics Private Limited, Golden Kites Media LLP, Hfigo Technologies Private Limited, Aroveo Technologies Private Limited, Beamzing Logistics Private Limited, Semi Circle Media LLP, Mindshare Tech Media LLP and AJB Tech Solutions Private Limited.

The complaint alleges that Bhat admitted that several persons working from his Mumbai office used his Digital Signature Certificate (DSC) to generate Form 15CB certificates. He allegedly stated that the certificates were issued without verification of the underlying documents. CA Nalin Ratilal Panchal allegedly issued 791 Form 15CB certificates involving transactions worth approximately ₹1,122.53 crore for nine entities, including Ecombobby Infotech Private Limited, Monic Infosys India Private Limited, Calibera Solutions Services Private Limited, Skylight Interfaces Private Limited, Magbliss Infotech Private Limited, Aimbot Gaming IT Services Private Limited, Green Zone Technologies, Great Stride Films and Speedologi Services Private Limited.

According to the complaint, Panchal allegedly admitted that he had provided his digital signature to another person and an associate. The OTPs required for issuing the certificates were allegedly received by Panchal and subsequently shared with the person using the digital signature. The complaint states that he also admitted that he had not verified the certificates or the underlying documents.

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Income Tax Department suspects several firms are shell companies

The Income Tax Department's inquiry allegedly found that several of the entities could not be located at their registered addresses. The complaint further states that the entities had reported very low income in their Income Tax Returns despite allegedly remitting substantial amounts abroad. The department has therefore described the entities as suspected shell companies.

The complaint states that under Rule 37BB of the Income Tax Rules, 1962, a Chartered Accountant certifying Form 15CB is required to examine relevant documents, including agreements between the remitter and recipient, books of accounts, the nature of the payment and the applicable tax/TDS provisions. The Income Tax Department alleges that the four CAs, along with directors and others associated with the companies, conspired to create or operate shell entities and used allegedly false Form 15CB certificates to facilitate overseas remittances. The complaint further alleges that the transactions resulted in tax evasion and adversely affected India's foreign-exchange reserves and economic integrity.

Based on the complaint, the MRA Marg police have registered a case against the four Chartered Accountants and the directors and other persons associated with the companies. Further investigation is underway to identify the other individuals involved, trace the overseas fund transfers and ascertain the extent of the alleged tax evasion and financial irregularities.

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