The Serious Fraud Investigation Office (SFIO) has arrested former vice chairman of crisis-hit IL&FS for fraudulent conduct and causing wrongful loss to the company and its creditors.
About:
Mandate: SFIO is a multi-disciplinary organization consisting of experts in the field of accountancy, forensic auditing, law, information technology, investigation, company law, capital market and taxation for detecting and prosecuting or recommending for prosecution white-collar crimes/frauds.
Parent Organization: Ministry of Corporate Affairs.
Location: SFIO has head office in New Delhi and regional offices in Maharashtra, Andhra Pradesh, Tamil Nadu and West Bengal.
History: It was setup in 2003 on the basis of recommendations of Naresh Chandra Committee and in the backdrop of stock market scams.
Status: It is a statutory body under the Section 211 of the Companies Act, 2013.
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