The chartered accountancy firms of S K Naredi and Ashok Kedia have come under the scanner for their alleged role in the Rs 4,000-crore hawals transaction and illegal investment scam involving Madhu Koda and his associates.

The Institute of Chartered Accountants of India (ICAI) has been flooded with complaints of late against a section of CAs relating to their involvement in cases of financial bungling. This stark revelation comes close on the heels of the involvement of the two Jamshedpur-based chartered accountancy firms of Naredi and Ashok Kedia in the now infamous Koda scam.

The all India president of ICAI, Uttam Prakash Agarwal, said the organization has received a written complaint against a few CAs for being involved in the financial scam of the former Jharkhand chief minister and his associates.

"We have received a written complaint against a few CA firms for their involvement in the financial scam of former chief minister Madhu Koda and his associates.

We will probe the matter and if found guilty, their licences will be cancelled and memberships withdrawn," said Agarwal, while talking to the press on the sidelines of his visit to XLRI here.

Refraining from divulging names against whom ICAI has received complaints in connection with Koda's case, Agarwal merely said: "You know better than me," in an oblique reference to Naredi and Kedia's firm.

He further said that vigil had been tightened to keep track of anything revolving around the role of CA firms in the Koda scam case. "We are following newspapers regularly and going through every detail concerning the role of CA firms in the fraudulent activities of the former chief minister," said Agarwal.

Meanwhile, he said that being a non-statutory body, ICAI has a limited role to play as far as taking legal action is concerned but again whatever is possible within the constitutional framework of the body is being done to safeguard the interests of upright CAs.