In the wake of a chartered accountancy student’s arrest last week for allegedly forging documents using a CA’s stamps and seals, the Pune branch of the Institute of Chartered Accountants of India (ICAI), now suspects the accused may have misused stamps and seals of more chartered accountants in the city. 

Shahajahan Khurshid Khan allegedly made duplicates of stamps and seals of CA Sunil Shankar Yelol with Yelol’s ICAI membership number for tax audit of M/S Jagtap Automobiles and duped Yelol of Rs 9.80 lakh.

The incident came to light when Jagtap Automobiles decided to hand over their audit work to another CA, Vijay Anpat. Following the CA protocol, Anpat called up Yelol to obtain his no-objection certificate about the handover. Yelol realised that Jagtap was not his client, but the stamps and seals carried his membership number.

According to the ICAI legal advisor, advocate VB Khatri, Khan may have used the stamps and seals for people who had applied for bank loans to get TDS refunds and so on.

“Khan’s police statement mentions that he has been operating for the last three years. He might have used the stamps on many other financial statements. We suspect that the fraud could run into crores of rupees,” Khatri said.

SB Zaware, member, central council of ICAI, said, “Considering that Khan may have misused stamps of other CAs too and to speed up the investigation in this matter, we appeal to all the chartered accountants in the city to contact the institute and record their statements with the police. Khan has been remanded in magisterial custody.

“We have been requesting the police to recover the duplicate stamps and seals used by Khan. We have also asked them to find the hard disk of Khan’s computer,” he added.

“The ICAI appeals that financial statements prepared with the help or advise of Shahajahan Khurshid Khan by any other person with original documents for verification be submitted to the chairman, (Pune Branch), ICAI, fifth floor, Amber chambers, 28-A, Budhwar Peth,” said a statement


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  1. CA Sumit Jain says:

    Had Jagtap not contacted with Yelol’s in last three years, who is doing audit of Jagtap’s firm & never visited Yelol’s Office to meet with his CA?

  2. Arun says:

    How did Jagtap pay the money to Khan? how did fraud happen where the fees paid were recieved by Khan?

    Did Khan open a ficticious bank account with Yelol’s firm name?

  3. CA D. Dhandaria says:

    The Income Tax and other authorities who rely upon CA’s reports, should develop a system of obtaining declaration from the CA about the reports signed by him. ROC obtains form 23B from Company auditors. Similar system should be adopted by other users so that such acts of duping are checked. In the whole affair, the CA was innocent.

  4. chandberry says:

    This issue highlights the importance of obtaining NOC and also the Institutr should explore the possibility of use of digital signatures for certification and use of manual signatures be restricted.

  5. Kamal Mour says:

    Its really Surprising but even if a CA puts his seal & stamps in the Safe custody still Duplicate Stamps may be prepared.
    I think ICAI’s Move to include FRN in Audit Reports will only solve this problem

  6. Tejay Gore says:

    This is really an aweful act.This is Definately a Breach of Trust. As pointed out by others, It strongly highlights the Importance of Communication with the previous auditor.Also the need of GMCS in the curriculam of CA Course is also highlighted as it goes to show the importance of Ehtics and Ethical Standards that are to be maintained right from the Stage of Student.

  7. D.R. SONI says:

    Sahajahan Khurshid Khan an article asstt. has betrayed the whole CA students community and particularly minority muslim students rarely coming in CA profession.
    Since he is under judicial custody interogation will reveal his ultimate motive. Hats off to the professional communication system prevalent in Chartered Accountants Profession all over the World.

  8. S.S.Gupta says:

    Yes, communication with previous auditor is statutory and utmost important too.
    But someone can make duplicate stamps and seals of CAs. There are cases where people have used forged signs and seals of CAs and have taken loans from banks. ICAI should take strong steps in such matters and banks should cross verify from the CA, certifying the financial statements.

  9. Rajesh says:

    It’s really sad to know that this kind of incident happened. So, CA’s should keep their seals & stamps safely protected and in reach of only trusted person.

    And, also other thing that come to light is the IMPORTANCE OF COMMUNICATION WITH PREVIOUS CHARTERED ACCOUNTANT..

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June 2021