Early Warning System to Detect Fraud

Serious Fraud Investigation Office (SFIO) of this Ministry is in the process of developing ‘Early Warning System’ (EWS) for early identification and pre-intimation/ warning system to detect financial frauds in the country. For this purpose, services of a consulting agency have been engaged to develop the conceptual framework. The development of EWS is an iterative process. The system will show results after the framework under development stabilises.

There is no scheme in existence for facilitating rehabilitation/ compensation to the affected people/ victims under the provisions of Companies Act, 2013.

This was stated by Shri Arjun Ram Meghwal, Minister of State for Corporate Affairs in written reply to a question in Lok Sabha.