The tax advisor to the bank Charted Accountant R .Gajendran’s GAJMA & CO is said to be a main partner in this fraud.
Meanwhile, reports say that in order to thoroughly investigate the complaints received against the particular company the Central Bank has taken steps to direct the investigations to the Finance Ministry.
HNB has been engaged in the tax evasion process for the past 5 to 6 years with the assistance of the officers attached to Inland Revenue Department, reports say.
The bank has allegedly evaded around Rs 600 million of company tax, reports add.
In its preliminary investigations, the Central Bank has revealed that half of the evaded tax has been divided between the tax advising company and the officers at the Revenue Department involved.
The current chairman of the bank Rani Jayamaha has also been able to identify the wrongdoing through an internal probe, reports further say.
According to field sources, GAJMA & CO has been previously alleged of tax irregularities, which occurred in connection with National Lottery Board.
More information on this fraud will be revealed soon.
If this is true there will be more selling from today......