The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has removed a Chartered Accountant from its register after finding him guilty in a loan fraud case. The disciplinary committee found that the CA is guilty of professional misconduct.
The proceedings were initiated by the ICAI following the report of economic offenses wing (EOW) of the Crime Branch, Bhubaneswar. The EOW had found Parida guilty in a loan fraud case.
According to EOW sources, Sibani Construction managing director Siba Narayan Chhotaray along with Parida and employee Laxmidhar Sathya had cheated the State Bank of Travancore in the city.
The arrest was made on October 27, 2014 following which the Secretary, ICAI was moved by EOW, Bhubaneswar for taking disciplinary action against him.
After conducting a detailed inquiry at Regional Head Office, Kolkata, the ICAI disciplinary committee found Kulamani Parida guilty of professional conduct and ordered the removal of his name from the Register of Members for one year.
The investigation of the case is complete and meanwhile, the court has taken cognizance against the accused persons including the accused CA.
During 2018-19 (till October 17), 365 cases were executed under the disciplinary directorate of ICAI. Moreover, the council of ICAI has disciplinary hearings through video-conferencing (e-hearing).
