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.
A team of officers from Serious Fraud Investigation Office (SFIO) visited Delhi and District Cricket Association headquarters in New Delhi on Monday and began investigation into the charges of alleged financial irregularities levelled by former India cricketer Kirti Azad.
A special task force has been set up under to carry out all investigations into such companies.
The review meeting, according to government officials, was attended by the representatives of different ministries, including finance and corporate affairs, Sebi and AP government.
Says company yet to file audited accounts, without which it can't proceed.
A retired banker in Delhi lost his entire life savings, amounting to Rs 23 crore, to cyber fraudsters who posed as ED and CBI officers. The victim was kept under 'digital arrest' for over a month and forced to transfer funds under duress.
Sources say bills were inflated by the company and not recorded correctly.
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 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.
Khurshid said SFIO's investigation was limited to alleged corporate law violations by Satyam founder B Ramalinga Raju, and others.
Independent directors of Satyam were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded.
Replying to supplementaries during Question Hour in the Rajya Sabha, corporate affairs minister Prem Chand Gupta said while the Serious Fraud Investigation Office under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time-frame has been set for CBI.
"As most of these agencies carry out interrogation in their office(s), CCTVs shall be compulsorily installed in all offices where such interrogation and holding of accused takes place in the same manner as it would in a police station," the bench said in its order.
Minister of State for Corporate Affairs R P N Singh informed the Lok Sabha that the ministry has initiated an investigation into alleged irregularities at Reebok India.
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 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.
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 Lucknow police have uncovered a cheating racket that mimicked the style of exam fraud seen in the first Munnabhai film, where real candidates were replaced by professional impersonators to sit for competitive exams.
The Supreme Court granted bail to Arvind Dham in a money laundering case, emphasizing that prolonged incarceration without trial violates the right to a speedy trial under Article 21 of the Constitution.
The government on Thursday confirmed an investigation has been ordered against Ispat Industries to check its balance sheet under the Companies Act.
Company refuses to comment, says 'matters internal to organisation'
The Asaram Ashram on Thursday denied as "baseless and erroneous" reports that its founder Asaram Bapu was allegedly involved in a Rs 700 crore land grab case in Madhya Pradesh. "The allegations on Sant Shri Asharamji Bapu are thoroughly baseless, untenable and rejected outright," Sunil Wankhede, Central Media In-charge at the Sant Shri Asharamji Ashram said in a statement.
Congress general secretary Digvijay Singh on Tuesday wrote to Prime Minister Manmohan Singh and demanded a probe into allegations of dubious funding of companies run by Bharatiya Janata Party president Nitin Gadkari. In his communication, Digvijay Singh urged the prime minister to ask the ministry of corporate afairs to institute an inquiry by the Serious Fraud Investigation Office into the matter, saying that, "a prima facie case does exist".
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.
Adidas, which owns Reebok, had to take euro 211 million hit on account of the fraud at Reebok India
The government has allowed the Enforcement Directorate to share information about economic offenders with 15 more agencies, including SFIO, CCI and NIA, a move that will expedite nailing of law-breakers. The finance ministry notified changes to the Prevention of Money Laundering Act (PMLA), 2002, on November 22. Through the notification, the Enforcement Directorate (ED), which deals primarily with cases of money laundering and violations of foreign exchange laws, would be able to share data with a total of 25 agencies, including the 10 specified earlier.
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
The country's biggest ever corporate scam, currently being probed by the Serious Fraud Investigation Office in Hyderabad, is expected to be discussed in the Rajya Sabha on Tuesday, corporate affairs minister Prem Chand Gupta told PTI. Gupta said the government is open to all options in the case.
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.
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.
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.
Self-styled godman Asaram Bapu has run into fresh trouble with the Serious Fraud Investigating Office seeking his prosecution in a Rs 700 crore land grab case in Madhya Pradesh.
Self-styled godman Asaram Bapu has ran into fresh trouble with the Serious Fraud Investigating Office seeking his prosecution in a Rs 700 crore land grab case in Madhya Pradesh.
It directed the Chanchalguda jail authorities to produce him before the court on December 30. The court had earlier issued summons to Raju, former managing director B Rama Raju and former chief financial officer Srinivas Vadlamani for examination on Thursday.
Sources said that RoC Hyderabad submitted its report on Monday night to minister of corporate affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office. The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.
The government has ordered a probe against steel giant Ispat Industries for alleged exposure to Rs 8,500 crore of public funds, erosion of net worth and high accumulated losses.
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 court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
