CHANDIGARH CAS’ express solidarity with CA arrested by ED

Today a meeting was called by the Chairman of the Chandigarh branch of ICAI with fellow members to express all CA’s solidarity with CA SK Bansal who was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA). The Enforcement Directorate (ED) on Saturday had arrested him in a money-laundering case involving Parabolic Drugs Limited.
Members expressed their dismay over the arrest of the 74-year-old, a very respected member of the branch, and demanded immediate release, as there was no prima facie evidence of his involvement in siphoning off the funds.
Vishal Puri said that even if there are any discrepancies in any documents signed by the CA, he can at the most be held responsible for professional misconduct, but his arrest is uncalled for.
Chandigarh Branch along with members of our fraternity show our full solidarity and support for CA S K Bansal, as he is a person of great Integrity. His age & and health issues should also be taken into consideration. Members raised concerns about his Bail and assured that SK Bansal will always be available for further investigations, as and when he will be required to appear before the investigating agency. There is no Money Trail involved in the case. Hence there is no case maintainable under PMLA
A meeting was held at the Branch premises, in which about 40 members were present. Along with Chairman CA Vishal Puri, other Managing Committee members were also present.
CA Sanjay Tandon Senior Member, Many Past Chairmen of Chandigarh Branch-CA Prem Garg, CA Krishan Joshi, CA Kapil Sabherwal, CA Naveen Soni, CA Mastan Singh Chambyal, CA Amitoz Singh Kamboj were also present during the meeting.