Govt ordered SFIO probe into 29 cases this fiscal: Jaitley

SFIO, which comes under the Corporate Affairs Ministry, probed 82 cases in 2013-14 period, higher than 43 cases that were referred to it during 2012-13.

The Serious Fraud Investigation Office has been directed to probe as many as 29 cases in the current fiscal till November 15 while various steps are being taken to deal with corporate misdoings, the government said on Friday.

In the last three financial years and in the current financial year till November 15, SFIO was asked to investigate 167 cases.

These details were given by Corporate Affairs Minister Arun Jaitley in a written reply to the Lok Sabha.

SFIO, which comes under the Corporate Affairs Ministry, probed 82 cases in 2013-14 period, higher than 43 cases that were referred to it during 2012-13.

In 2011-12, the agency investigated 13 cases.

"The Ministry has also conducted inspection under section 209A of books of accounts and other records of National Spot Exchange Ltd, Financial Technologies (India) Ltd and Multi Commodity Exchange India Ltd to examine the alleged frauds committed at the commodities stock exchange," Jaitley said.

He was responding to a query on alleged fraud committed at commodity stock exchanges in the last three years and this year.

With regard to dealing with corporate frauds, the minister said various steps, including enhanced disclosure norms under Companies Act, 2013, are in place.

". . .for the purpose of speedy disposal of court cases, the respective Registrars of Companies are regularly monitoring the progress of court cases and are also interacting with the respective Chief Metropolitan Magistrates for speedy disposal of the cases," Jaitley said.

In another written reply, the minister said there are 78 entities under the vanishing companies category and these entities are estimated to have raised Rs 310.21 crore (Rs 3.1 billion).

A co-ordinating and monitoring committee is in place to identify and monitor activities of such companies.    

"FIRs have been lodged against all 78 companies and their directors to trace their whereabouts and also to take action against them under Indian Penal Code," the minister said.

Besides, prosecutions have been filed against these entities under various provisions of the Companies Act.