'I-T refund scam accused not CA'

The Institute of Chartered Accountants of India (ICAI) has stated that the person named by the Income Tax Department in a tax refund racket is not a chartered accountant.

The I-T department had issued a release stating that tax refunds running into crores were fraudulently claimed by employees of around 50 multinational companies in Bengaluru. The release stated that the employees had availed the services of a CA named Nagesh Shastry. He filed false returns for them and secured refunds amounting to Rs 18 crore by taking a 10% cut on the refund.

"The Institute verified its records and found that Nagesh Shastry is not a chartered accountant,'' the release said.