Quick Summary
Serious Fraud Investigation Office (SFIO) formed through a Government Resolution is an Investigating Agency under Ministry of Corporate Affairs (MCA), which was given statutory recognition under the Companies Act, 2013 (the Act). This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. The Minister stated that the Central Government orders and assigns to SFIO, investigation cases involving many companies wh
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FAQ :
The Serious Fraud Investigation Office (SFIO) is an Investigating Agency under the Ministry of Corporate Affairs (MCA) that was given statutory recognition under the Companies Act, 2013.
In the financial year 2021-22, the SFIO was assigned 14 cases involving 95 companies.
The SFIO investigates cases involving alleged fraudulent activities by corporates, including misappropriation of funds by promoters or top management and cheating lenders.
The government has introduced fraud as a substantive offence, provided stricter corporate governance norms, made Director Identification Numbers (DIN) mandatory, and requires professionals to verify company premises.
Auditors are required to report suspected fraud involving prescribed amounts to the Central Government, and failure to do so can result in penalties.
The Central Scrutiny Cell (CSC) was set up by the MCA to scrutinise Straight Through Process (STP) Forms.
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