ICAI Disciplinary Directorate finds Chartered Accountant Guilty of Using Client’s Money for Personal Use and Tampering Cheques to Govt
The Disciplinary Directorate of the Institute of Chartered Accountants of India (ICAI) has suspended a Chartered Accountant for one year and imposed a fine of Rs. One lakh for using the client’s money for personal use and tampering with cheques to the government.
A complaint was filed against the Respondent, a Chartered Accountant CA Subodh Maheswari. The Client has given cheques amounting to Rs. 2.60 crores for the payment of VAT to the Respondent, who allegedly fabricated the cheques in his name as well as in his wife’s and son’s names.
It was alleged that amount of Rs. 2.60 crores were remitted to the Respondent in the different trenches by way of 12 cheques dated between 29th October,2013 to 19th June,2015.
On receipt of the complaint, the Committee, on perusal of the cheques noted that these cheques were clearly tempered and had brought loss to the Government exchequer by diverting the amount of VAT given by M/s Bhopal Sahakari Dugdha Sangh.
It was observed that the action of the Respondent was deliberate & fraudulent and the intention to defraud both the Complainant & the govt was clear & established.
The Committee noted that the Respondent returned the money only after FIR was registered against him. The Committee also noted that the Respondent even failed to check the source of the funds from where these amounts in multiple transactions were credited to his and his family members’ bank accounts.
The Committee observed that the Respondent not only diverted the money received in his professional capacity but also his acts had brought disrepute to the profession. The creditability and reputation of the profession depend upon the manner in which the members of the profession conduct themselves.
Based on the above facts and findings, the five-member Committee ordered “Accordingly, the Committee viewed that full opportunity for hearing was given to the Respondent and the Respondent was duly heard and ends of justice can be met if punishment is given to the Respondent commensurate with his above professional misconduct.
Therefore, keeping in view the facts and circumstances of the case, material on record, and submissions of the Respondent before it, the Committee ordered that the name of the Respondent – be CA Subodh Maheshwari (M. No. 071569), Bhopal, be removed from the Register of members for a period of 01 (One) year along with a fine of Rs. 1,00,000/- (Rupees One Lakh).”
Dr. Ajay Kummar Pandey
( LLM, MBA, (UK), PhD, AIMA, AFAI, PHD Chamber, ICTC, PCI, FCC, DFC, PPL, MNP, BNI, ICJ (UK), WP, (UK), MLE, Harvard Square, London, CT, Blair Singer Institute, (USA), Dip. in International Crime, Leiden University, the Netherlands )
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For further details contact:
Dr. Ajay Kummar Pandey
( LLM, MBA, (UK), PhD, AIMA, AFAI, PHD Chamber, ICTC, PCI, FCC, DFC, PPL, MNP, BNI, ICJ (UK), WP, (UK), MLE, Harvard Square, London, CT, Blair Singer Institute, (USA), Dip. in International Crime, Leiden University, the Netherlands )
Advocate & Consultant Supreme Court of India, High Courts & Tribunals.
Delhi, Mumbai & Dubai
Tel: M- 91- 9818320572. Email: editor.kumar@gmail.com
Website:
www.supremelawnews.com
www.ajaykr.com, www.4Csupremelawint.com
Facebook: /4Clawfirm, /legalajay Linkedin: /ajaykumarpandey1 Twitter: /editorkumar / YouTube: c/4cSupremeLaw Insta: /editor.kumarg
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