About Serious Fraud Investigation Office (SFIO):
- It is a corporate fraud investigating agency set up by the Government of India.
- The SFIO was established on 21st July, 2015,and operates under the Ministry of Corporate Affairs.
- Section 211 of the Companies Act, 2013, accorded a statutory status to the SFIO.
- Objective: The core objective of the SFIO is to be an investigative and law enforcement agency to detect and prosecute or recommend to prosecute white-collar frauds or crimes.
- Types of Investigations: SFIO will usually take up the following types of cases sent by the Central Government:
- Complex cases needing investigation across multi-discipline and inter-departmental affairs.
- Cases with a huge monetary impact on the public.
- Cases where investigation can lead to the cleaning up of systems and the implementation of changes in laws and procedures.
- Serious fraud cases sent by the Department of Company Affairs.
- SFIO can also take up cases on its own only when decided by the Director of the SFIO, and also give the reasons for taking up the case in writing.
- Upon assignment of a case to the SFIO, no other investigative agency can proceed with an investigation for any offence under the Act.
- The Central Government can ask the SFIO to investigate a company in the following cases:
- When it receives a report from the Registrar or Inspector under Section 208 of the Companies Act 2013.
- When the company itself passes a special resolution and requests an investigation.
- Where there is a huge monetary impact on the public or for other large-scale public interest cases.
- When any Central Government or State Government department makes a request for an investigation.
- Headquarters: The headquarters of SFIO is in New Delhi, with five regional offices in Mumbai, New Delhi, Chennai, Hyderabad, and Kolkata.
