The CAs are alleged to have done this without proper due diligence like not physically verifying the address mentioned in the incorporation documents as some of these entities have given fake addresses, people aware of the matter told Economic Times.
While such entities are also being probed by other agencies, the ICAI’s probe is in addition to them. “Once the prima facie opinion is formed by the ICAI, the cases where lapses are found will be referred to the disciplinary committee,” Mitra said.
He added that the institute had received references from the government regarding the alleged role of certain professionals including CAs in facilitating Chinese shell companies since January.
Chinese loan app probe
A probe into several shell companies acting as a front for these Chinese lenders…
