India: 75 companies under SFIO lens for alleged fraud this fiscal

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JANUARY 5, 2018

The Serious Fraud Investigation Office (SFIO) has started investigating 75 companies for alleged fraud in the current fiscal, Parliament was informed today.  The agency comes under the Ministry of Corporate Affairs, which is implementing the Companies Act.

During the current fiscal (till December 12), the ministry has ordered investigation into the affairs of 75 firms to be carried out by the SFIO, the Minister of State for Corporate Affairs P.P. Chaudhary said in a written reply to the Lok Sabha.  The number could go up since there are three months to go before the financial year comes to a close.