Serious Fraud Investigation Office (SFIO) is a multidisciplinary organisation to investigate serious financial frauds.
The organization is having experts from financial sector, capital market, accountancy, forensic audit, taxation, law, information technology, company law, customs and investigation.
The SFIO is a multi-disciplinary organization under Ministry of Corporate Affairs, 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. The SFIO will normally take up for investigation only such cases, which are characterized by
- complexity and having inter-departmental and multi-disciplinary ramifications ;
- substantial involvement of public interest to be judged by size, either in terms of monetary misappropriation or in terms of persons affected, and;
- the possibility of investigation leading to or contributing towards a clear improvement in systems, laws or procedures. The SFIO shall investigate serious cases of fraud received from Department of company Affairs.
NEW DELHI: To tide over the shortage of manpower in the Serious Fraud Investigation Office (SFIO), the government said it is taking steps to fill vacancies in the multi-disciplinary agency.
In a written reply to Rajya Sabha, Corporate Affairs Minister Sachin Pilot said that government is making efforts to obtain the required staff from lending organisations on deputation.