Statutory Recognition to SFIO
GOVERNMENT proposes to give statutory recognition to Serious Fraud Investigation Office (SFIO). Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (Letter Rogatory) in cases involving companies having business/interests outside the country and definition of the term “fraud” along with its punishment are also proposed to be included, subject to due approvals, in the revised Companies Bill for strengthening its enforcement framework.
The Minister of State in the Ministry of Corporate Affairs R.P.N. Singh informed this in the Lok Sabha yesterday.