As per the FIR, the alleged remittances took place during financial years 2021-22 and 2022-23.
HYDERABAD: Over Rs 464.8 crore was allegedly remitted outside India through two entities that investigators have described as fictitious or shell concerns, with a Hyderabad probe raising questions over their operations, registered addresses and financial records. Hyderabad Central Crime Station (CCS) has booked chartered accountant Hari Shankar Reddy Renati and others for allegedly facilitating unauthorised outward foreign remittances by issuing Form 15CB certificates without verifying the books of accounts, agreements or supporting documents of the two entities.
The case was registered by the CCS Detective Department on Aug 22 following a complaint from G Krishna Rao, deputy director of Income Tax (Investigation), FAIU-1, Hyderabad. The alleged remittances took place during financial years 2021-22 and 2022-23. The I-T department had conducted searches at the accused’s premises on Aug 18, 2026, and the criminal case was subsequently registered after the investigation team verified findings from the search, according to the FIR. Despite these alleged discrepancies, the two entities remitted a total of Rs 464.8 crore outside India during the two financial years, according to the FIR. Role of Form 15CB certificates Form 15CB is a tax determination certificate issued by a chartered accountant for foreign remittances exceeding Rs 5 lakh in a financial year. The CA’s certificates were relied upon by banks while processing the transactions, allowing the entities to remit a total of Rs 464.8 crore outside India during the two financial years, according to the FIR. The Income Tax investigation wing searched Renati’s premises on Aug 18 as part of its probe into the transactions. The CCS registered the case under Sections 420, 193 and 197 read with Section 34 of the IPC.
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Entities sending funds abroad are required, in applicable transactions, to furnish Form 15CB certified by a chartered accountant under Rule 37BB of the Income Tax Rules, according to the FIR. The FIR states that in a recorded statement, Renati said he had neither seen nor verified the books of accounts of the entities before issuing the certificates. Renati operates from Madhura Nagar in Hyderabad, according to details recorded in the FIR.
Firms under scanner The case centres on Form 15CB certificates issued for Clickwin Techno Solutions LLP, registered in Pune, Maharashtra, and Stockpile Softech Solutions Pvt Ltd, registered in Visakhapatnam, Andhra Pradesh. The FIR alleges that the two entities were fictitious or shell concerns, were not operating from their registered addresses and had not filed income tax returns. The findings regarding Stockpile Softech Solutions Pvt Ltd have raised particular questions. During physical verification of its registered office, investigators found that the premises had been occupied by another company, eProSoft India Private Limited, for the past five years. The certification involves examining the transaction, agreements and supporting records and determining the tax implications before remittance through an authorised dealer bank. Investigators alleged that Renati issued multiple Form 15CB certificates for the two entities without examining their books of accounts, agreements or supporting documents. Investigators further alleged that the certificates were issued for monetary gain and resulted in wrongful gain to those involved while facilitating the outward transfer of foreign exchange. Download the TOI App.