Not named by CBI in income-tax refund fraud case, clarifies Infosys

Our Bureau Bengaluru | Updated on March 08, 2018

Infosys today clarified that the CBI has not named it as an accused party in the alleged fraud concerning the Income Tax department.

So far we have not been contacted by the CBI in connection with this matter. Infosys will co-operate with law enforcement agencies as and when we are approached.

As per our obligations under the SEBI Listing Regulations and the Company’s Disclosure Policy, Infosys will make appropriate disclosures, the company said in a statement to the exchanges.

According to reports, some Income Tax officials, a Chartered Accountant and some Infosys staff filed tax using forged documents and claimed fake tax refunds from employees of companies, which include IBM, Vodafone, SAP Labs India, Biocon, Cisco and ICICI Bank. “The processing of e-returns is outsourced to Infosys Technologies Ltd, who validate the returns in bulk and generate list of cases where refunds have to be approved. The Assessing Officers of the I-T department posted in processing centre give the approval for release of refunds to assessees through their bank accounts,” according to reports.

The CA, a department statement said, was “found to be instrumental in filing false income-tax returns and making fraudulent refund claims” by citing inflated or false claims of loss from house property.

Subsequently, CBI conducted searches on the premises of an unidentified CA and claimed to have “seized” bogus claim documents of his various clients along with WhatsApp chat messages.

Published on March 08, 2018

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