Govt ordered SFIO probe in 139 cases: Jaitley

Says various steps, including enhanced disclosure norms under the Companies Act, 2013, are in place with regard to dealing with corporate frauds

Serious Fraud Investigation Office (SFIO) has been directed to probe as many as 139 cases in the last three years while various steps are being taken to deal with corporate wrong-doings, Parliament was informed today.

The cases for alleged frauds also cover the current fiscal until April 20, Corporate Affairs Minister Arun Jaitley said in a written reply to Lok Sabha.

SFIO, under the Corporate Affairs Ministry, has probed 9 cases in 2015-16 so far while 56 were referred in the whole of the previous fiscal.

In 2013-14, the agency investigated 63 cases and probed 11 in the preceding one.

With regard to dealing with corporate frauds, the Minister said various steps, including enhanced disclosure norms under the Companies Act, 2013, are in place.

Besides, the government is educating investors through several programmes as well as the media.

In another written reply, the Minister said over 30,000 prosecutions have been filed and a total of Rs 2.71 crore fine has been imposed in the past three financial years and the current fiscal year till April 20.

Besides, SFIO has filed 230 complaints at different forums during the past three financial years.

During this period, there have been convictions in 12 cases wherein fines of Rs 3 crore have been imposed.

In six cases, directors of the companies concerned have been sentenced to imprisonment for six months.

Furthermore, SFIO has reported that during the last three years, a total of 28 complaints have been filed against audit firms or companies with Institute of Chartered Accountants of India (ICAI).

In a separate reply, Jaitley said: "Investigation into the affairs of Speakasia Online has been conducted and instructions for filing prosecution have been issued in respect of non-compliance of the Companies Act."

The investigation report has also been shared with other enforcement agencies for "appropriate action".