The Serious Fraud Investigation Office (SFIO) under the Ministry of Company Affairs is currently investigating six cases referred to it. Investigation in respect of one case has been completed. Another case is still under investigation. The other four cases are stayed under High Court orders.
The Government set up SFIO in the backdrop of major failure of non-banking financial institutions, vanishing companies and the recent stock market scam. It is a multi-disciplinary organization to investigate financial frauds. The organization has been functioning since October 1, 2003. It comprises of experts drawn from different fields. The organization is headed by its Director. He is assisted by officials dealing with company law, chartered accountancy, corporate management, taxation, criminal investigation, economic offenders, forensic auditing and banking. Experts in information technology are also associated.
(Release ID :3454)