SFIO gears up for greater act against erring cos

The probe agency under Ministry of Corporate Affairs submitted reports on 13 cases involving 29 companies in 2021-22

New Delhi: SFIO, which has investigated cases of the alleged fraud committed by Chinese commercial entities using the corporate structure for loan app scam, has implemented various standard operating procedures to improve its functioning as authorities continue efforts to clamp down on financial crimes.

The Ministry of Corporate Affairs (MCA) in its monthly newsletter has also emphasised that corporates should implement effective controls and governance frameworks to prevent frauds within their organisations. The Serious Fraud Investigation Office (SFIO), which comes under the administrative control of the ministry, has submitted investigation reports for 23 cases involving 145 companies in the last financial year till March 24.

In comparison, the probe agency had submitted reports in 13 cases involving 29 companies to the ministry in 2021-22.

“As the world economy flourishes and corporates thrive to bloom alongside it, fraud will continue to exist,” the ministry said.