Wednesday, 2 March 2016

Serious Fraud Investigation Office asked to probe fraud by 258 companies in last 4­year: Government

NEW DELHI: Serious Fraud Investigation Office (SFIO) has been ordered to probe alleged fraud in 258 companies in the last four years, Parliament was informed.
Of the 258 cases, investigations have been completed in 116 cases and reports have been submitted in this regard to the ministry while in 8 cases, probe have been stayed by the courts, Corporate Affairs
Minister Arun Jaitley informed Lok Sabha in a written reply.
Further, the ministry has ordered filing of prosecution against companies, directors and other officers for several non­compliance under the Companies Act as recommended in the investigation report in 102 cases, where the probe has been completed. SFIO is the investigation arm of the Corporate Affairs Ministry. "From 2012­13 and up to January 31, 2016, the ministry has ordered investigations through SFIO into the affairs of 258 companies allegedly indulging in fraudulent or  illegal activities," Jaitley said.
He also said the government has taken various other measures to curb frauds like defining 'fraud' in the new Companies Act, stricter corporate governance norms and statutory status to SFIO.
In a separate reply, the minister said several complaints have been received pertaining to cheating of small investors, particularly by the companies involved in Chit Fund or  Multilevel Marketing activities.
On the basis of such complaints, SFIO has been directed to probe 167 such companies till January 2016. Of these, investigation has been completed in 77 cases and directions to file prosecution have been ordered in 68 cases.

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