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Chartered accountant held

Staff Reporter

He used to pocket cash and deposit bogus challans

NEW DELHI: A chartered accountant has been arrested by the Economic Offences Wing (EOW) of the Delhi police for allegedly duping his own clients and the Income- Tax Department by siphoning off the cash given to him by his clients for depositing advance tax with the Income Tax Department.

The Anti-Forgery and Cheating Section of the EOW had received a complaint from the Department about a firm which had deposited bogus challans, purportedly issued by the Darya Ganj Branch of the Punjab National Bank, towards advance tax.

Investigations under the supervision of Assistant Commissioner of Police M.K. Sharma purportedly revealed that the chartered accountant of the company, 50-year-old Subhash Chandra Singhal, was handling all its financial matters. According to the police, "it also came to light that the chartered accountant had prepared bogus bank challans which he had deposited with the Income- Tax Department." He also allegedly prepared forged customers' copy that he gave to the company. The accused was finally arrested on November 29 and remanded by a court to police custody till Saturday.

According to the police, Singhal used to demand cash from his clients on the pretext of depositing the same with the Income- Tax Department as advance tax. However, he would pocket the amount -- in all, he had allegedly duped his clients and the Department of Rs. 50 lakhs -- and produce bogus documents showing the same as deposited.

In order to make quick money, he allegedly duped several other companies and individuals who were his clients. The police claim to have recovered bogus challans pertaining to tax deposits of various companies and individuals from his office.

Singhal became a chartered accountant in 1978. Along with his elder brother, who too was a CA, he started his own firm, Singhal Associates. However, in 1998, the brothers separated. Singhal suffered losses after that and decided to dupe his clients and the Government to earn a fast buck.

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