Hyderabad: A chartered accountant and his associates have been booked in Hyderabad in connection with an alleged ₹464.8-crore foreign remittance fraud involving two suspected shell entities during the financial years 2021-22 and 2022-23. The case centres on allegations that Form 15CB certificates required for certain overseas remittances were issued without proper verification of financial records and supporting documents.
The Central Crime Station registered the case on August 22 following a complaint by G Krishna Rao, Deputy Director of Income Tax (Investigation), FAIU-1, Hyderabad. Chartered accountant Hari Shankar Reddy Renati and others have been named as accused in the FIR.
According to the complaint, the alleged transactions involved Clickwin Techno Solutions LLP, registered in Pune, Maharashtra, and Stockpile Softech Solutions Pvt Ltd, registered in Visakhapatnam, Andhra Pradesh. Investigators have alleged that the two entities were fictitious or shell concerns and that their operations did not match their registered addresses.
Algoritha Security Launches ‘Make in India’ Cyber Lab for Educational Institutions
Form 15CB Certificates Under Investigation
Form 15CB is a certificate issued by a chartered accountant for specified foreign remittances exceeding ₹5 lakh in a financial year. The certificate involves determining the applicable tax implications of a transaction before the funds are remitted through an authorised dealer bank.
Under the applicable provisions of Rule 37BB of the Income Tax Rules, taxpayers making certain foreign remittances are required to furnish relevant documentation, including Form 15CB certified by a chartered accountant where applicable.
The FIR alleges that Renati issued multiple Form 15CB certificates for the two companies without examining their books of accounts, agreements and other supporting documents. Investigators are examining whether these certifications enabled banks to process overseas transactions that otherwise may have attracted further scrutiny.
Shell Companies Allegedly Used for Overseas Remittances
The investigation has alleged that the companies named in the transactions were not genuine operating businesses. According to the FIR, they were either fictitious entities or shell concerns that were not functioning from their registered addresses and had not filed income tax returns as expected.
During physical verification of the registered office of Stockpile Softech Solutions Pvt Ltd in Visakhapatnam, investigators allegedly found that the premises had been occupied by another company, eProSoft India Private Limited, for around five years.
The finding has become an important part of the investigation because the authorities are examining whether the registered entities were created or maintained primarily to facilitate financial transactions rather than conduct legitimate business operations.
₹464.8 Crore Sent Outside India
According to the FIR, the certificates issued by the chartered accountant were relied upon by banks while processing the foreign remittance transactions. Investigators have alleged that this enabled the two entities to transfer a combined ₹464.8 crore outside India during the financial years 2021-22 and 2022-23.
The authorities are now examining the complete transaction trail, including the source of the funds, the overseas beneficiaries, the purpose cited for the remittances and the individuals or entities that ultimately controlled or benefited from the money.
The investigation is also expected to establish whether the alleged irregularities were limited to the two companies or whether other entities and professionals were involved in a wider network.
Premises Raided Before FIR
The case follows searches conducted at premises linked to the accused on August 18. Investigators are understood to have examined documents and financial records relevant to the alleged transactions.
The authorities are likely to scrutinise the certificates issued by the chartered accountant alongside bank records, income tax filings, company registration details, transaction documents and information relating to the overseas transfers.
The FIR does not by itself establish guilt, and the allegations will have to be established through investigation and subsequent legal proceedings. The accused will also have the opportunity to present their defence as the case progresses.
The case highlights the importance of due diligence in certifying overseas financial transactions. Investigators are now working to determine how the alleged shell entities operated, who controlled them and where the ₹464.8 crore transferred abroad ultimately went. Further action is expected as the financial trail and the roles of the accused are examined.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
