Chartered Accountant Nabbed in Rs 25 Crore Cyber Fraud

Last updated: 07 December 2023

CA Arrested in Rs 25 Crore Cyber Fraud: Money Routed to China, Hong Kong, and Singapore

In a major breakthrough, the Thane cyber crime branch has apprehended a Chartered Accountant (CA) and an accomplice involved in a sophisticated cyber attack on a payment gateway firm, resulting in the unauthorized siphoning of Rs 25 crore. The duo, along with other associates, facilitated the routing of the embezzled funds to various countries, including China, Hong Kong, and Singapore.

The CA, a resident of Vashi, and the other accused, a Kandivli resident engaged in import-export business, were among the 11 individuals arrested in connection with the case. The police disclosed that their investigation honed in on the CA's pivotal role in aiding the primary accused in executing the scam.

 

According to law enforcement authorities, the CA exploited his expertise to generate a staggering 365 instances of 15CB certificates – documents issued under the Income Tax Act by chartered accountants for making payments to non-residents or foreign companies. However, the probe revealed that the CA did not adhere to the necessary requirements while issuing these certificates, effectively aiding the primary accused in the illicit financial transactions.

A police official elucidated, "The CA has been actively participating in the scam, leveraging his knowledge to route the money abroad." The ongoing investigation is extensive, with authorities meticulously scrutinizing the details of all transactions and individuals involved in the racket, which has both nationwide and international implications.

The police initiated the probe following the hacking of a payment gateway company's software, resulting in the unauthorized transfer of Rs 25 crore. Subsequently, a case was registered with the Shrinagar police station in Thane. As the investigation unfolds, authorities are determined to uncover the full extent of the cyber fraud, shedding light on the intricate web of individuals and transactions involved in this nationwide and cross-border criminal enterprise.



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