ICAI takes disciplinary action on CAs in cases linked to Chinese shell entities

The Institute of Chartered Accountants of India will in three to four months conclude its disciplinary action in the case of a list of chartered accountants who are suspected to have aided Chinese entities in allegedly setting up shell companies in India, ICAI president Debashis Mitra said at a briefing. Mitra said that ICAI is looking into alleged professional conduct of around 200 chartered accountants. Mitra also said that ICAI follws a ‘zero tolerance’ policy regarding professional misconduct and that these cases are on fast track. Earlier this month, the ministry of corporate affairs said that it has ordered a probe by the Serious Fraud Investigation Office on 33 companies and has arrested one person after searches were conducted on three companies as part of a crackdown on shell companies.