Every coin has two sides. This profession also has the two side one is the good & other one is bad. There are lot of example for the good Chartered Accountants but there are also some bad one there. For the good one you can visit the below link:
For the bad one you can just continue with the blog. I’m going to tell you some frauds that is done by the Chartered Accountants. These cases are explained below:
1. Sai baba: Sai baba a CA firm had found guilty for the professional misconduct by the owner of the firm. In this case Sai baba mortgage the property with a nationalised bank & take the loan for Rs. 12 crores from the same bank. After some time it was found that the same property is also mortgage to same property with another person. Fact says, this fraud is happened with the help of forgery of document. After that the degree of the same Chartered Accountant had been cancelled by the ICAI for the two month.
2. George Wright: He was a CA in Auckland. He just misappropriated the refund of his client. Client usually made their ITR filed by him. He did fraud by taking the refund of his client in his account. He approx collected the refund for $ 1.01 million dollar. He approx mislead over 250 clients & spent the money in gambling or other pleasure.
3. Mukesh Gang: Mukesh Gang is the partner of a CA firm named as M/s M.Gang & Co. In this case Mukesh Gang is appointed as a statutory auditor of Ritesh Polyster Limited. Ritesh Polyster Limited issued shares for Rs. 225 Lakhs promoter & others. They said that Rs. 225 Lakhs received from that person & Mukesh Gang certified that Rs. 225 lakhs received from but actually only Rs. 35 lakhs received. He found guilty of professional misconduct.
4. Price Waterhouse: This is a chartered accountant firm of Satyam Computer Services Ltd. This is mainly the case of window dressing. In this cash & cash equivalent are shown for Rs. 5361 crores but actually they are only 5040 crores. & also there is a accrued interest for Rs. 376 crores i.e. not exist in reality. Liabilities are also degraded. in this auditor is found guilty & punishable with imprisonment. But after some time he got bailed relying upon the supplementary charge sheet of CBI.