Private-sector lender IndusInd Bank had said the Serious Fraud Investigation Office (SFIO) interacted with its officials this week and would send a written communication seeking specific details related to the accounting discrepancies identified at the bank.
The government is considering initiating a probe by the Serious Fraud Investigation Office (SFIO) against Gensol Engineering and its promoters, according to sources familiar with the matter. "It is under consideration at this stage. A final decision will be taken soon," a government official said.
The Bombay High Court discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case of alleged violations of market regulations involving nearly Rs 388 crore. The Serious Fraud Investigation Office (SFIO) had initiated the case in 2012 against Adani Enterprises Limited (AEL) and its promoters, accusing them of criminal conspiracy and cheating. The HC's single bench of Justice R N Laddha quashed the sessions court order and discharged the duo from the case.
SFIO is looking into the role of Grant Thornton LLP which had valued the brand.
The probe agency has found that the company's vast network of sales agents across the globe was not independent of Jet Airways and several of these entities were linked to its founder, Naresh Goyal.
According to SFIO, the modus operandi of the Reebok fraud involved filing fictitious invoices to show inflated sales, recording fictitious sales by raising prices of goods sold.
A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.
Corporate Affairs Secretary Naved Masood said SFIO is finalising the report on Reebok.
"During this month, the SFIO will begin the prosecution on those or those areas of company laws that the SFIO is expected to and have been authorised to proceed with," Corporate Affairs Minister Salman Khurshid told a press conference in New Delhi.
The SFIO probe ordered by the government into illegal money-pooling activities of various entities would initially focus on 57 companies, most of which are in West Bengal, Odisha, Bihar and Assam.
The government has asked the investigating agency SFIO to expeditiously initiate prosecution proceedings against the guilty in the Satyam case and put the whole process on the fast track.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
Coming against the backdrop of rising incidence of financial frauds, the proposed prediction model would bolster SFIO's capabilities in detecting misdoings at the initial stage itself.
A special task force has been set up under to carry out all investigations into such companies.
The government ordered the probe by the SFIO after receiving a report from the Registrar of Companies (RoC), Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman of the IT major, B Ramalinga Raju.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
A special task force of the SFIO recently submitted an interim report to the Corporate Affairs Ministry in this regard.
The Serious Fraud Investigation Office (SFIO), the investigation arm of the Union corporate affairs ministry, has begun prosecution proceedings against the alleged perpetrators of the country's largest accounting fraud that took place in Satyam Computers last year.
Troubled car maker Daewoo Motors India has been referred to the newly set up Serious Frauds Investigation Office due to financial mismanagement involving about Rs 1,000 crore.
Following the disclosure of the Satyam scam, the corporate affairs ministry asked the SFIO to probe the books of accounts of 325 companies including those connected with Satyam and family members of B Ramalinga Raju. For instance, the official said in the accounts of a company named Swarnamukhi Green Field Pvt Ltd, the cost of land has been shown as Rs 15,00,000 but it was sold for Rs 3.5 crore (Rs 35 million).
The Serious Fraud Investigation Office is under the administrative control of the Corporate Affairs Ministry, and is being readied to become an investigation body at par with the Central Bureau of Investigation and the Enforcement Directorate.
The probe is expected to take about three months.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
Probe has been completed against 83.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
Says company yet to file audited accounts, without which it can't proceed.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
The ministry has asked the RoC to submit within three weeks reports of the Satyam-Maytas deal and the details involved. For this, the ministry could even waive the condition of a minimum 10 per cent of shareholders required for moving the CLB with complaints.
A court allowed the Serious Fraud Investigation Office (SFIO), a central government body, to question Satyam Computer Services founder B Ramalinga Raju, former managing director B Rama Raju, former chief financial officer Srinivas Vadlamani and two Price Waterhouse auditors, S Gopalakrishnan and Srinivas Talluri, for six days from March 29.
Decision on probing the role of auditors will be taken after initial inquiry
The Registrar of Companies in Hyderabad, where the head office of the crisis-ridden company is located, will be a part of the SFIO team to probe the case, sources added. Earlier on Friday, the ministry dispatched the SFIO team consisting advisers and inspectors to Hyderabad to assist RoC in the Satyam probe.
Stricter norms of corporate governance under the Companies Act 2013 as well as increasing application of technology for early detection of frauds through data analysis surveillance and usage of forensic tool are among the other steps taken by the government to prevent fraud by companies, Jaitley said.
SFIO, the investigation arm of the Corporate Affairs Ministry, has been ordered to probe alleged fraud in 83 companies in the last four years, Parliament was informed on Thursday.
"The scope of SFIO investigation include looking into the state of affairs of the company and its subsidiary Sesa Industries Ltd, in respect of mismanagement, malpractices, financial and other irregularities."
In the last three financial years and in the current financial year till November 15, SFIO was asked to investigate 167 cases.
The investigative arm of corporate affairs ministry says there may also be involvement of others in alleged fraud, besides top executives.
Khurshid said SFIO's investigation was limited to alleged corporate law violations by Satyam founder B Ramalinga Raju, and others.
The Serious Fraud Investigation Office has referred the issue of Rs 760 crore (Rs 7.6 billion) raised by scam-tainted Satyam Computer through share sales in 2001 in the US to the Enforcement Directorate for further inquiry, after failing to trace the amount.
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