E-Paper
Ludhiana: ‘Shell company’ used to remit ₹175 crore abroad, 2 CAs booked
Chartered accountants accused of issuing certificates to route money through locked office, mentions FIR; the amounts mentioned in the complaint are ₹55.14 crore for 2023-24, ₹47.50 crore for 2024-25 and ₹72.88 crore for 2025-26
The Sarabha Nagar police have registered a case against two Ludhiana-based chartered accountants following a complaint filed by the income tax department alleging that they issued certifications that facilitated overseas remittances totalling about ₹175.53 crore through a company that the department suspects is a shell entity.
The accused have been identified as Rishav Gupta and Lovepreet Singh. The case follows a survey conducted by the directorate of income tax (investigation), Ludhiana, on August 18 at the office of Rishav Gupta and Associates.
According to the complaint, the department’s investigation revealed that the accused had allegedly issued Form 15CB certificates in connection with outward foreign remittances without verifying the books of accounts, agreements and other relevant documents as required under the applicable rules.
The complaint identifies Karmaniu Infotech Pvt Ltd as one of the entities whose transactions are under scrutiny. The department has alleged that the company was being used for routing funds from Indian companies to overseas entities, purportedly for IT and software-related services.
The amounts mentioned in the complaint are ₹55.14 crore for 2023-24, ₹47.50 crore for 2024-25 and ₹72.88 crore for 2025-26, taking the total to nearly ₹175.53 crore.
The department has alleged that the company was not engaged in genuine business activity and was being used to facilitate such remittances. According to the FIR, the income tax department also conducted a search at an address associated with Karmaniu Infotech. According to the complaint, officials found a small office cabin that was locked. Enquiries with neighbouring occupants allegedly revealed that the premises had remained locked for around six months and that no regular business activity had been observed there.
The complaint further refers to a statement made by Gaurav Jain, identified as a director of the company, during the search proceedings. The department claims that Jain stated that the company was being used as a shell entity to facilitate routing and remitting funds to overseas entities in exchange for a commission.
The department has further alleged that during the survey, Gupta stated that his digital signature had been used by Lovepreet Singh for issuing a Form 15CB relating to Karmaniu Infotech. The complaint states that Singh also acknowledged the use of the digital signature in his statement.
The department has alleged that the certifications enabled the remittances and resulted in wrongful gains for those involved, besides having implications for the country’s foreign exchange reserves.
The complainant has sought investigation against not only the two CAs but also other persons who may have been involved in the alleged transactions.
The Sarabha Nagar police are investigating the allegations and are examining the documents and statements supplied by the income tax department. The registration of the FIR does not by itself establish guilt, and the allegations against the accused will have to be established through investigation and judicial proceedings.
ASI Ravi Anand, who is investigating the case, stated that an FIR under Sections 229 (giving or fabricating false evidence), 234 (knowingly issuing or signing a false certificate), 236 (making a false statement in any declaration), 318(4) (cheating), 336(2) (forgery), 336(3) (forgery committed with the intent to use the forged document or electronic record for cheating), 340 (fraudulently or dishonestly using a forged document or electronic record as genuine), 3(5) (common intention) and 61 (criminal conspiracy) of Bharatiya Nyaya Sanhita has been registered against the accused.
