Nexus among politicians, business houses reported in some scams: Govt

New Delhi: The nexus among politicians, bureaucrats, and business houses have been reported in some instances of corporate scams, the government said on Friday.

Giving details of SFIO probes ordered by the government against 338 companies in the last three years, Minister of State for Corporate Affairs Minister Arjun Ram Meghwal told the Lok Sabha that the existing statutes have adequate provisions to impart appropriate justice in the cases.

An investigation by SFIO was ordered against 338 companies in the last three financial years.

The Serious Fraud Investigation Office (SFIO), under the Corporate Affairs Ministry, has filed 208 prosecutions during the period from 2013-14 to 2015-16.

"Some instances of nexus among politicians, bureaucrats, and corporate houses have been reported. The existing statutes have adequate provisions to impart appropriate justice in such cases," the minister said in a written reply.

To a query on whether allegations of online frauds against some companies have come to the notice of government, he replied in the affirmative.

"Apart from Noida-based Ablaze Info Solution Pvt Ltd, one more company Webwork Trade Links Pvt Ltd has come to the notice for alleged online fraud," Meghwal said.