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.
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.
Dungarpur Police have arrested three individuals involved in an organized gang allegedly siphoning money from life insurance policies using forged documents, with the fraud involving approximately Rs 58 lakh.
A Delhi court has dismissed the bail plea of an alleged kingpin in an over Rs 8.94 crore bank fraud case, citing the gravity of the offence and its systematic execution through layered transactions.
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.
Two members of the Sunil Rathi gang have been arrested for allegedly extorting businessmen in Haridwar and Dehradun. The arrests were made by a joint team of Uttarakhand Police STF and Dehradun Police. The investigation revealed links to Sunil Rathi, who is currently in jail.
The caller told the victim that a bank account linked to his mobile number had allegedly received Rs 7 crore through money laundering activities and warned that he would be arrested in the case.
Serious Fraud Investigation Office will probe the airline for instances of fund diversions and large-scale irregularities.
In a significant development, the Supreme Court on Tuesday sought responses from the Centre, CBI, ED, Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the ADAG and its group companies.
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.
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.
Decision on probing the role of auditors will be taken after initial inquiry
A forensic probe has been ordered into alleged irregularities by the department of financial services.
The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
A good example of just how little comes to light are the series of serious allegations made by the Ambani scions in their fight over the years of wrongdoing by each other - none of these are anything that the MCA came up with, nor have they been seriously investigated afterwards.
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.
A large number of NRIs having origins in these states are understood to have been defrauded by many such companies, including the Saradha group.
Corporate Affairs Secretary Naved Masood said SFIO is finalising the report on Reebok.
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.
"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."
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.
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 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 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.
'Everyone involved in this transaction must be punished and penalised.'
Fraud investigation office is yet to get a verdict in any case.
Female students alleged that Saraswati used abusive language, sent obscene messages, and made unwanted physical advances.
The investigative arm of corporate affairs ministry says there may also be involvement of others in alleged fraud, besides top executives.
SFIO official refuses to reveal the nature of additional charges found during investigation.
In a written answer to Lok Sabha, Minister of Corporate Affairs Prem Chand Gupta said investigation reports have been received in 23 cases and instructions issued to Serious Fraud and Investigation Office to prosecute the concerned persons. Investigations against four entities having links with Parekh - Triumph securities, Nakshatra Softwares, Goldfish Computers and Luminant Investrade - have been completed.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
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.
Before being elected as secretary general for the 2021-25 term, Kalita had served as the treasurer of the apex boxing body.
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