ICAI responds to ED raids, says 'action will be taken against erring members'
Chartered accountants' apex body ICAI on Thursday said disciplinary "proceedings" have been initiated against members allegedly involved in money laundering through dubious companies.
Asserting that the matter of such members would be dealt with seriously, the Institute of Chartered Accountants of India (ICAI) said, "necessary action will be taken in accordance with the laws of the land".
ICAI's statement comes on a day when the Enforcement Directorate conducted raids at the offices of chartered accountants in the national capital who were allegedly involved in money laundering through shell companies.
ICAI said its Disciplinary Directorate is already seized of the matter and has initiated the proceedings against such chartered accountants who were alleged to be involved in the money laundering through dubious and suspicious companies.
Proceedings have been started as per the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007.
The matter would be dealt with seriously to look into all the violations in these cases as per the Code of Conduct of the institute, the statement said.
The ED conducted multiple searches against tax professionals and chartered accountants (CAs) in Delhi in connection with an operation to unearth black money being generated using shell companies.