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Three more companies under SFIO lens for financial irregularities

Press Trust of India  |  New Delhi 

The Serious Investigation Office (SFIO) is probing three companies -- Ruchi Soya, and Gold - that are already under the regulatory scanner for loan defaults, according to an official source.

The has ordered investigation by SFIO against the three firms for alleged financial irregularities, the source said.

In recent months, many companies and individuals, including those related to diamond merchants and his uncle - the alleged kingpins behind the Rs 13,000 crore at - have come under the SFIO lens.

did not respond to a query seeking comments on the SFIO probe while and Gold could not be immediately contacted.

The SFIO, which also has powers to arrest people, mainly investigates violations under the Companies Act.

Leading firm Industries is under insolvency proceedings. The company, which owns brands such as Nutrela, Mahakosh, and Ruchi Gold, has a total debt of around Rs 12,000 crore.

Gujarat-based company and Chennai-based jewellery firm Gold are already being probed by the CBI with respect to default in loan payments.

All the three firms have defaulted in paying back

Among other entities, SFIO is investigating 107 companies and seven Limited Liability Partnerships linked to Modi-Choksi groups with regard to PNB scam.

As part of larger efforts to curb illicit fund flows, the government has been cracking the on shell companies and defaulting entities, among others.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 16:20 IST
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