SFIO probing 18 companies to check their 'true ownership'

The Serious Fraud Investigation Office (SFIO) is probing 18 companies to ascertain their "true ownership" as the government cracks down on shell entities and illicit fund flows.
"Based on information received from various banks, the central government has ordered investigation on November 15, 2017 into the true ownership of 18 companies through SFIO and 39 companies through Regional Directors...," Minister of State for Corporate Affairs P P Chaudhary told the Lok Sabha.
The minister, in a written reply on Friday, said action against defaulting companies and its officials for provisions of the Companies Act, 2013 is a "regular feature" carried out through inquiries, inspections and investigations.

In the current fiscal till November 30, the government has disqualified more than 3.09 lakh directors of companies that have not filed financial statements or annual returns for three financial years continuously.
Chaudhary also said the government has ordered SFIO probe against 661 companies since establishment of the agency during 2003-04.
"Till date, SFIO has completed investigation involving 430 companies," he added.