The Institute of Chartered Accountants of India (ICAI) has removed a Chartered Accountant (CA) from its register for a period of one year after he was found guilty of loan fraud, Tax Scan has reported.
The CA identified as Kulamani Parida was expunged from the register for professional misconduct. This case was initiated by ICAI following a report by the economic offences wing (EOW) of the Bhubaneswar crime branch.
As per the report, Parida along with the managing director of Sibani Constructions had cheated the State Bank of Travancore with the help of an employee. Parida was arrested by authorities in 2014. Post his arrest, the EOW moved the secretary of ICAI to initiate action against him.
ICAI then proceeded to conduct a detailed inquiry via its regional head office in Kolkata and found Parida guilty of professional misconduct and removed his name from its registry for one year.
For the year 2018-19 a total of 365 cases have been heard by the ICAI including via the means of video-conferencing.
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