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ICAI initiates Disciplinary Proceedings against 8 CAs allegedly involved in fake GST Invoice Frauds
January, 29th 2021

The Institute of Chartered Accountants of India (ICAI) has initiated disciplinary proceedings against 8 Chartered Accountants (CAs) who were arrested in the nationwide drive against fake GST invoice frauds since November 2020.

Reportedly, the Institute initiated the disciplinary proceedings on the basis of the Revenue Department’s letter against the eight Chartered Accountants.

On the progress made in ICAI disciplinary cases, ICAI President, Atul Gupta said, “in the last 2 financial years (2019-20 and 2020-21) we have disposed more than 650 cases through disciplinary mechanism wherein prime endeavour, in consonance with the amendments proposed, is to conclude case within 1 year as against the current period of 2 years.”

CA Atul Gupta further added that of these 650 cases, as many as 400 were held guilty and punishments ranged from a ‘reprimand’ to ‘removal of names’. Hundreds of them have been removed from the register of members.

Going forward also, the endeavor of ICAI would be to conclude the case within one year, he added.

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