Mumbai Court Denies Anticipatory Bail To 82-Year-Old CA In ₹2,575 Crore Foreign Remittance Fraud Case

Mumbai: In the Rs 2,575.83 crore foreign remittance fraud case, the sessions court has rejected the anticipatory bail plea of Bangalore resident and Chartered Accountant (CA) Seetaram Bhat.

Bhat argued that he was 82, had practised for over five decades and operated from Bangalore. His Mumbai office was managed by staff who allegedly misused his digital signature by creating a forged ID. He said his only mistake was failing to supervise properly and that he had complained to Andheri police.

Court Flags Violations In Certification Process

Additional sessions judge Vikram Jagdale observed that Bhat had issued Form 15CB certificates without verifying account books and agreements, violating guidelines under an RBI circular and the Income Tax (I-T) Rules.

Shell Firms Linked To Foreign Remittances

The case stems from a Sept 4 complaint by the Income Tax (I-T) authority with MRA Marg police against several firms and CAs. The accused allegedly established shell firms and prepared forged Form 15CB certificates for transactions between 2021 and 2025, submitting them to evade tax. Bhat is linked to 163 certificates involving eight firms that remitted Rs 200.58 crore abroad.

Court Terms Complaint An Afterthought

Calling the offence serious and a matter of grave concern involving loss of foreign exchange, the court termed Bhat’s Sept 11 complaint, filed after the FIR, an afterthought to escape liability and create a false plea. It also observed that he had deliberately understated income in tax returns and had not deducted tax at source.

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