Ponzi or MLM schemes are fraudulent investment operations.
The agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
Special court will announce judgement in Satyam case on Dec 23.
A Hyderabad court on Friday ordered the initiation of proceedings against the former directors of Satyam Computers in a case filed by Serious Fraud Investigation Office (SFIO) after separating the trials against B Ramalinga Raju and Ram Mynampati.
A special court for economic offences on Monday issued fresh summons against Ram Mynampati, a former top official of fraud-hit Satyam Computer's Services Limited (SCSL).
The special court for economic offences here today posted six cases filed by the Serious Fraud Investigation Office (SFIO) against former directors of Satyam Computer Services Ltd in the multi-crore accounting scam to April 29 and the remaining one case to April 21.
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
The ED has attached seven sugar mills worth over Rs 1,097 crore in a money laundering case against former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, officials said.
Rejecting the BJP's charge that he had indulged in anti-party activities, Azad, who was suspended after his strident attacks against Jaitley, said he had done nothing against BJP or the Central government.
The Finance Ministry is evaluating options of conducting a special audit of scam-tainted IT firm Satyam Computer's accounts to ascertain the company's tax liability.
The team comprising advisors and inspectors from SFIO has gone to assist the officials of the Hyderabad registrar of companies, which is at present conducting investigations. Minister of corporate affairs Prem Chand Gupta had on Wednesday directed the RoC Hyderabad to look into the Satyam issue and submit a preliminary investigation report by January 14.
SFIO tried to sift through changed names, cross-holdings in INX Group
Chennai-based DSQ Software may earn the dubious distinction of becoming the first company to be referred to the newly-created Serious Frauds Investigation Office for its role in the securities scam, sources said on Tuesday.
The corporate affairs ministry proposed the names of Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.
Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts.
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
The investigating agency wants to ascertain the actual purpose of the deal.
Probing the high-profile Saradha chit fund scam of West Bengal, the serious fraud investigation office on grilled the suspended Trinamool Congress MP Kunal Ghosh for over eight hours here and further questioning is expected next week.
Surjewala alleged that Mehta and his family were allowed to leave India even when there were complaints pending against him with the CBI.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
A large number of NRIs having origins in these states are understood to have been defrauded by many such companies, including the Saradha group.
The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
Sources say bills were inflated by the company and not recorded correctly.
PNB has rich experience in the integration of commercial banks.
Known best for its probe into the Satyam scam in 2009-10, SFIO is again making headlines, thanks to various high-profile cases of alleged frauds being referred to it in the last few months.
German sportswear maker Adidas has disclosed to the Serious Fraud Investigation Office (SFIO) that it lost around Rs 170 crore (Rs 1.7 billion) because of "goodwill impairment" after it bought Reebok.
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
On February 17, 2009, Satyam case was handed over to CBI.
The Central Bureau of Investigation (CBI) has started a fresh inquiry into the Rs 1,700-crore land deal between Tata Realty and Unitech in 2007.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
The measures needed for implementing this new system would start rolling in few weeks, the minister added.
The government on Wednesday said it will not relook at the investigations handled by arrested Company Law Board member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
Her corporate footprint is fading fast.
Opposition on Tuesday claimed that Prime Minister Narendra Modi has signalled to Finance Minister Arun Jaitley to quit in the wake of DDCA row.
The 6th additional chief metropolitan magistrate rejected Sebi's plea for taking the Raju brothers into custody for a day and returned as 'not maintainable' the petition filed by SFIO seeking six days custody of Ramalinga and Satyam's former CFO Vadlamani Srinivas. The three were, meanwhile, sent to judicial remand till January 31.
The economic offence investigation wing of the government SFIO would take at least a year to probe the financial fraud at Satyam Computer, a senior official said on Wednesday.
The government, on January 13, had initiated an SFIO probe into various corporate aspects of the fraud under Section 235 of the Companies Act after getting a report from the registrar of companies, Andhra Pradesh. "The report was submitted to the government on Monday night," said a senior corporate affairs ministry official who declined to reveal the contents of the report.
The government said on Wednesday that Satyam Computer Services' disgraced founder Ramalinga Raju created a network of about 300 companies and diverted funds from one company to another in a complex but carefully planned process. Speaking to Karan Thapar on the CNN-IBN news channel, Gupta said, "Our information is that there was a network of almost 300 compnaies and funds were diverted from one company to (another) and then to (a) third."
Fraud investigation office is yet to get a verdict in any case.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances