ICAI Removes Chartered Accountant From Its Register After Finding Him Guilty Of Loan Fraud

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ICAI Removes Chartered Accountant From Its Register After Finding Him Guilty Of Loan Fraud

ICAI Removes Chartered Accountant From Its Register After Finding Him Guilty Of Loan Fraud

Chartered Accountants are governed by CA regulations which are defined in the Institute of Chartered Accountants Acts. Acts states principals of ethics which are to be followed by CA’S. ICAI will take disciplinary action if principals of ethics are not followed by CA’S.

ICAI take disciplinary action against CA in the recent case found In Bhubaneswar.

The Institute of Chartered Accountants of India (ICAI) has removed a Chartered Accountant (CA) from its register for a period of one year after he was found guilty of loan fraud.

The CA identified as Kulamani Parida was fired from the register for professional misconduct. The ICAI move came following the report of economic offences wing (EOW) of the Crime Branch, Bhubaneswar. The EOW had found connivance of Parida in a loan fraud case.

According to EOW sources, Sibani Construction managing director Siba Narayan Chhotaray along with Parida and employee Laxmidhar Sathya had cheated the State Bank of Travancore in the city. The arrest was made on October 27, 2014. Following which ICAI Secretary was moved by EOW, Bhubaneswar for taking disciplinary action against him.

ICAI then proceeded to conduct a detailed inquiry via its regional head office in Kolkata and found Parida guilty of professional misconduct and removed his name from its registry for one year.

The investigation of the case is complete and the court has taken cognizance against the accused persons including the accused CA.

From the year 2018-19 ICAI heard 365 cases including via means of Video conferencing.

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