Pune Police have initiated an investigation into an alleged extensive tax evasion scheme that reportedly involves the illegal outward remittance of over Rs 4,427 crore. The investigation has led to an inquiry into the activities of multiple individuals, including two chartered accountants. These professionals are suspected of being connected to transactions linked to three companies that authorities have classified as bogus or shell entities.

According to law enforcement sources, the sum allegedly remitted outside India from the financial years 2022-23 to 2025-26 amounts to Rs 4,427,92,44,408. Investigators are examining whether these transactions were deliberately structured to evade tax compliance and facilitate unlawful fund transfers from the country.

Central to this investigation are Form 15CB certificates. These serve a critical role in ascertaining the tax obligations associated with payments made to overseas entities. Police assert that the two chartered accountants, whose firm operates in Pune, issued these certificates without conducting the necessary due diligence on the transactions or the companies involved.

Improper Issuance of Certificates

The investigation has unveiled that the chartered accountants allegedly lacked the requisite authorisation to issue Form 15CB certificates. Regardless, they have reportedly prepared these documents and submitted them on the Income Tax Department portal, thereby enabling the fraudulent transactions by the three companies.

Form 15CB comes into force when taxable payments to non-residents exceed Rs 5 lakh within a financial year. The misuse of this form is at the heart of the allegations. Moreover, investigators are scrutinising the processes followed in the certification and approval of payments made abroad. Authorities have focused on the legal ramifications of the actions taken by the chartered accountants and the organisations involved.

Concerns have been raised as to how widespread the alleged transgressions may be, particularly given the substantial sum involved. The enforcement agencies are working meticulously to establish a comprehensive understanding of the operations facilitated by the purported shell entities.

Investigation Progress and Legal Action

The case came to public attention following a complaint lodged by Income Tax officer Tanmayee Desai at the Yewalewadi police station on September 23, 2026. The FIR highlights various irregularities in the preparation and utilisation of the Form 15CB certificates associated with the overseas remittances.

Pune Police have registered cases against the accused under multiple sections of the Bharatiya Nyaya Sanhita. Charges include Section 318(4) related to cheating, Section 234 regarding the provision of false certificates, Section 229 which concerns false evidence, and Section 3(5). As of now, police have made no arrests while the investigation continues.

The Deputy Commissioner of Police from the Economic Offences Wing has confirmed that inquiries into these alleged transactions are ongoing. They are evaluating all evidence gathered to ascertain the full extent of the misconduct and to bring those responsible to justice.

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