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Investigation of Corporate Frauds by SFIO

News and Press Release - Dated:- 9-3-2016 - To investigate corporate frauds of serious and complex nature the Government has set up a Serious Fraud Investigation Office (SFIO). The SFIO established vide Government of India s Resolution No. 45011/16/2003-Admn-I dated 02-07-2003, has been notified under sub-section (1) of Section 211 of the Companies Act, 2013, vide Government of India, Gazette Notification S.O. 2005(E) dated 21.07.2015. Details of investigations completed and prosecutions/petitio .....

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i) Collection of deposits by companies under the guise of real estate, chit fund, etc. by alluring small investors with astronomical returns within short time without meeting the promises; (iii) Fraudulent transactions; (iv) Manipulation through related party transactions; (v) Siphoning off and diversion of funds generated through various sources. Government has taken a number of measures to curb and prevent corporate frauds, which include; (i) Declaring Fraud as a substantive offence has been i .....

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