SERIOUS FRAUD INVESTIGATION OFFICE (SFIO)
1. Background
The Serious Fraud Investigation Office is a statutory corporate fraud investigating agency in India.
As per the Companies Act, 2013, the Serious Fraud Investigation Office (SFIO) has been set up by the Government of India
It is a multi-disciplinary organisation under the Ministry of Corporate Affairs, comprising experts in the fields of accountancy, forensic auditing, banking, law, information technology, investigation, company law, capital markets and taxation etc. for detection and prosecution . Recommending prosecution of white-collar crimes/frauds
2. Objectives
Take up for investigation cases characterized by:
- Complexity and having inter-departmental and multi- disciplinary ramifications
- Substantial involvement of public interest to be judged by size, either in terms of monetary
- The possibility of investigation leading to or contributing towards a clear improvement in systems, laws or procedures
3. Investigations
- Investigation into the affairs of a company is entrusted to the SFIO where the Government is of the opinion that it is necessary to investigate into the affairs of the company:
- On receipt of the report of the Registrar or Inspector under section 208 of the Companies Act, 2013
- On intimation of a special resolution passed by a company that its affairs are required to be examined
- In the public interest; or at the request of any department of the Central Government or a State Government
4. Composition
- The SFIO is headed by a Director in the rank of Joint Secretary to the Government of India as Head of the Department
- The Director is assisted by Additional Directors, Joint Directors, Deputy Directors, Senior Assistant Directors, Assistant Directors Prosecutors and other secretarial staff
- SFIO is headquartered in New Delhi with five regional offices at Mumbai, New Delhi, Chennai, Hyderabad and Kolkata
Source: sfio.gov.in
