‘More teeth to Serious Fraud Investigation Office’
New Delhi: Government on Thursday said it proposes to give more teeth to the Serious Fraud Investigation Office (SFIO) under the new Companies Bill by providing it statutory recognition and endowing it with more powers.
Replying to a query during Question Hour in Lok Sabha, Minister of Corporate Affairs M Veerappa Moily said, "We are planning to give legal status to SFIO. In its present form it hasn`t got much teeth. But I would not say SFIOs are
He maintained that SFIO had filed 39 cases and all have gone in its favour. "We need to strengthen it by giving it powers of arrest, raid and seizure," he said.
Moily informed the House that the Vepa Kamesam Committee was constituted by the ministry in February 2006 to consider measures to strengthen the SFIO and streamline its functioning with a view to making it more effective.
"Keeping in view the recommendations of the committee, it is proposed to give statutory recognition to SFIO. In the new Companies Bill, powers such as treating its investigation report as a report filed by a police officer and giving SFIO
power to issue letter of requests in cases involving companies having businesses outside the country are some of the provisions proposed to be included," he said.
Moily insisted that the Market Research and Analysis Wing of SFIO is also being strengthened through the new Bill.
58 additional posts have been created and the ministry has decided to set up regional offices at New Delhi, Mumbai, Hyderabad, Chennai, Kolkata and Ahmedabad to increase the reach of office and for better monitoring of prosecution cases in progress at various places.
SFIO is investigating 12 cases at the moment which includes one against Global Trust Bank.
More from India
More from World
More from Sports
More from Entertaiment
- Revealed - How Indian Army hit terror camps across LoC!
- Pak forces will teach Zee News what real surgical strike is: Hafiz Saeed
- DNA: Indian Army carries out surgical strikes across LoC
- India used 'Cartosat 2c' satellite in surgical strikes against Pakistan
- Panel discussion on Hafiz Saeed's reaction after Indian Army surgical strikes
- Hafiz Saeed threatens Zee News, says Pak forces will teach what real surgical strikes are
- Pak postpones SAARC Summit after five member states pull out of conference: As it happened
- After threatening Zee News, Hafiz Saeed says PM Modi, Ajit Doval staged `surgical strike drama'
- India's surgical strikes: Pakistan buries slain terrorists to hide evidence, asks Masood Azhar to go mum
- Who is Chandu Babulal Chauhan and why India wants to bring him back from Pakistan - Read