SFIO files 258 prosecutions over corporate frauds in 4 years

In the last four years, till November 18, the Serious Fraud Investigations' Office (SFIO), had filed 258 prosecutions in various courts, Minister of State Arjun Ram Meghwal, Ministry of Corporate Affairs, said in a written reply to the Lok Sabha on Friday. 

According to the information made available in the written reply, from 2013-14, 360 corporate fraud cases were referred to the SFIO. 

Out of the prosecutions filed, there were 77 convictions which included imprisonment to directors and penalties, the response from the Minister said. 

In the last four years, since 2013, the SFIO has spent a cumulative Rs 38.17 crore on functioning expenses. 

The Government has taken various measures to strengthen the SFIO to check fraud/ irregularities by companies, a statement from the government said, including:
 
(i)             the term “Fraud” has been defined in the Companies Act, 2013;
 
(ii)            Statutory status to the Serious Fraud Investigation Office (SFIO);
 
(iii)           Increasing application of technology for early detection of frauds through data mining and Forensic Audit, etc.