My name is Satheesh Sangaraju, and I’m writing this article to raise awareness about a serious technical problem in the SFT Reporting Portal (https://report.insight.gov.in/reporting-webapp/portal/homePage) and how it led to wrong guidance by my service providers.
I’m a software professional with little knowledge of tax filings. When I first heard about the Statement of Financial Transactions (SFT), it was from CA Parth Shah, who handled our company’s CS and valuation work for shares allotment. He told me to consult our auditor, P Kalyan Kumar, and that our company must file SFT returns. A few months later, I discovered that, since our turnover is under ₹1 crore not even more than 50 lakhs INR and we had no reportable transactions, we didn’t actually need to file SFT at all and valuation itself not at all required. In other words, both CA Parth Shah and CA Kalyan Kumar and VakilSearch (ZolvIT) (https://vakilsearch.com/) (https://www.zolvit.com/) misled us.
But the bigger problem is a dangerous security flaw in the Reporting Portal itself. Here’s what happens:
- ITDREIN generation: When you file SFT, the system should create an ITDREIN (a 16-digit identifier) under your company’s PAN-linked tax account only.
- Unnecessary personal accounts: They intentionally creates an ITDREIN under an individual’s account—even when it makes no sense to do so.
- Digital Signature mix-up: The real disaster is with the DSC (Digital Signature Certificate). If someone sets up a personal account using your PAN, the portal links your DSC to their account. That means an unknown person could generate an ITDREIN, tie your signature to their filings, and commit fraud in your name.
I reported this to the portal administrators, but they are not resolved issue. That shows how broken the system really is. Which indicates the rats and cockroaches in system itself and encouraging financial frauds?
For more details about SFT read Filing SFT is a Threat for Business Owners
Finally, be very careful when you work with CA Parth Shah or CA Kalyan Kumar. Their advice not only wasted our time and money, but also put us at risk of serious financial and legal exposure—clearly they are malpracticing against ICAI guidelines.
Stay away connecting from CA Parth Shah and CA Kalayn Kumar, we have experienced lot of misguidance from them, they are malpracticing against ICIAI rules. Following are their profiles and websites.
https://www.linkedin.com/in/parth-shah-94704135
https://www.linkedin.com/company/pkkandco/about
CAUTION
Read very interesting facts about Digital Audio Forgery
I understand that fear often prevents people from openly sharing information about such large fraud networks. Many individuals hesitate to speak out because they worry about potential consequences, influence, or retaliation from powerful groups behind these operations. However, staying silent only allows these networks to grow stronger and continue exploiting unsuspecting citizens. By bringing these issues to light and raising collective awareness, we can break the cycle of fear, protect others from falling victim, and push for accountability against those who misuse their power for fraudulent purposes.
My purpose in sharing this is to create awareness among the public about how fraud networks operate and engage with individuals without their knowledge. Many people may not even realize they are interacting with fake callers or fraudsters until it is too late, by which time their personal information or recorded responses may already have been misused. It is therefore essential to remain vigilant, verify every communication, and recognize these deceptive tactics before falling victim. Such networks may be supported by powerful interests, including political groups or large companies engaged in malpractice. Only widespread public awareness and caution can help put an end to these practices.