SFIO investigated 366 cases in 3 years

The government's white-collar crime investigation agency SFIO has probed 366 cases in last three years, with 111 of them coming under the scanner in 2016-17, Parliament was informed today.

A multi-disciplinary agency under the Corporate Affairs Ministry, SFIO investigates white-collar crimes, mainly those involving violations of the companies law.

The Serious Fraud Investigation Office (SFIO) was assigned 71 cases in 2014-15, 184 in 2015-16 and 111 in last fiscal, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Rajya Sabha.

Besides, the minister said a total of 181 prosecutions have been filed in last three years.
 

Currently, about 1,023 cases have been pending before various courts, the minister said.

Last month, SFIO had floated a tender for selection of a 'managed service provider' to develop an 'Early Warning System' (EWS).

The new system will help in early detection of corporate frauds and safeguard gullible investors from fly-by-night operators.

The idea of developing an EWS was first floated in 2009 after the Satyam fraud came into light.