SFIO to investigate 21 fraud cases in 2017-18 : MCA

SFIO to investigate 21 fraud cases in 2017-18 : MCA , As per an official press release by MCA, SFIO will be investigating 21 serious frauds cases in 2017-18. Further RoCs and RDs have also been assigned 119 cases for investigation in 2017-18;

As per the release Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Rajya Sabha that the Government has established Serious Fraud Investigation Office (SFIO) to look into serious corporate frauds including Multi-National Companies (MNCs). The details of investigations assigned to SFIO are:

The Corporate Affairs Minister further informed the House of the investigations assigned to Regional Directors (RDs) and Registrars of Companies (ROCs): The Corporate Affairs Minister said that during the last three years, 94 complaints/prosecution were disposed of by the various Courts by levying a total fine of Rs 5,90,909/-. In addition to this, an amount of Rupees 61,32,500/- was collected as compounding fee as ordered by the Courts. Further, in one case imprisonment for a period of one year and four months and in 3 cases punishment till rising of Courts along with fine was also imposed by the Courts.