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SFIO investigating 21 cases involving 225 companies in 2017-18

Aug 07, 2018: Government has established Serious Fraud Investigation Office (SFIO) to look into serious corporate frauds including Multi-National Companies (MNCs).

Total Investigation cases assigned to SFIO

2015-16 : 23 involving 184 entities
2016-17 : 25 involving 111 entities
2017-18 : 21 involving 225 entities

Total Investigations cases assigned to Regional Directors (RDs) and Registrars of Companies (ROCs):

2015-16 : 02 cases
2016-17 : 03 cases
2017-18 : 119 cases

During the last three years, 94 complaints/prosecution were disposed of by the various Courts by levying a total fine of Rs. 5,90,909/-. In addition to this, an amount of Rs. 61,32,500/- was collected as compounding fee as ordered by the Courts. Further, in one case imprisonment for a period of one year and four months and in 3 cases punishment till rising of Courts along with fine was also imposed by the Courts.

The above information and stats were stated by Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary in Rajya Sabha today(7Aug2018).

Source: Ministry of Corporate Affairs (MCA)

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