Sfio

Why seek hearing of 2019 case against Adani now: High Court to SFIO

The Bombay High Court on Wednesday in jest remarked if the Serious Fraud Investigation Office (SFIO) has sought hearing of a 2019 case involving Adani Enterprises, its Chairman Gautam Adani and Managing Director Rajesh Adani now because of the scenario outside, an apparent refence to a damning report on the Indian conglomerate released by a US-based investment research firm. A petition was filed by Adani Enterprises in 2019 seeking to quash a sessions court order of the same year refusing to discharge the company, Gautam Adani and Rajesh Adani from a case of alleged violations of market regulations involving nearly Rs 388 crore. In December 2019, the high court stayed the sessions court order. This stay order came to be extended from time to time till February 2022. Last week, the SFIO, a multi-disciplinary organization under the Ministry of Corporate Affairs, sought for the matter to be placed for hearing following which it was listed before a single bench of Justice R G Avachat .

Centre allows ED to share info with 15 more agencies including NIA, CCI

The government has allowed the Enforcement Directorate to share information about economic offenders with 15 more agencies, including SFIO, CCI and NIA, a move that will expedite nailing of law-breakers. The finance ministry notified changes to the Prevention of Money Laundering Act (PMLA), 2002, on November 22. Through the notification, the Enforcement Directorate (ED), which deals primarily with cases of money laundering and violations of foreign exchange laws, would be able to share data with a total of 25 agencies, including the 10 specified earlier. These 15 agencies include National Investigation Agency (NIA), Serious Fraud Investigation Office (SFIO), State Police Department, regulators under various Acts, Directorate General of Foreign Trade (DGFT), Ministry of External Affairs, and Competition Commission of India (CCI). National Intelligence Grid, Central Vigilance Commission (CVC), Defence Intelligence Agency, National Technical Research Organisation, Military Intelligenc

Irdai mulls SFIO-like independent agency to probe cases of insurance fraud

Insurance Fraud Investigation Agency proposed via Insurance Act amendment

SFIO arrests 'mastermind' behind web of Chinese shell companies

The September 10 arrest comes after Finance Minister Nirmala Sitharaman directed the MCA to identify shell companies that can be used to siphon off funds

SFIO arrests 'mastermind' behind shell companies with Chinese links

The Serious Fraud Investigation Office (SFIO) has arrested an individual who has emerged as the mastermind behind incorporating a large number of shell companies with Chinese links in India and providing dummy directors on their boards. The arrest comes against the backdrop of the crackdown on Chinese shell companies that are allegedly into "serious financial crimes". In a statement on Sunday, the corporate affairs ministry said it has arrested one Dortse, who is on the board of Jillian India Ltd, on Saturday. This follows simultaneous search and seizure operations conducted by the ministry on September 8 in the offices of Jillian Consultants India Private Ltd, a wholly-owned subsidiary of Jilian Hong Kong Ltd at Gurgaon, Fininty Pvt Ltd at Bangalore and Husys Consulting Ltd at Hyderabad. "Dortse is on the Board of Jillian India Ltd and has clearly emerged as the mastermind of the whole racket of incorporating large number of shell companies with Chinese links in India and providin

Centre may drop CEL sale amid ongoing money laundering case against bidder

A case is pending against Nandal Finance at NCLAT; RoC has also filed a winding-up petition against the firm

SFIO ordered to probe 14 cases this fiscal: Govt in Rajya Sabha

The Serious Fraud Investigation Office (SFIO) has been ordered to probe 14 cases involving 95 companies in the current fiscal till March 17, the government informed Rajya Sabha on Tuesday

SFIO arrests 3 individuals for fraud in Jagat Agro Commodities case

Satish Kumar Pawa, promoter and shareholder; Saurav Aggarwal, son of promoter; and Suhas S Paranjpe, statutory auditor; have been arrested by the probe agency

SFIO has received 8 complaints regarding violation of IBC provisions: Govt

The Insolvency and Bankruptcy Code (IBC) provides a market-linked framework for resolution of stressed assets and it came into force in 2016

SFIO chief pulls up independent directors for washing hands of frauds

Keshav Chandra said frauds happen in companies, not just through promoters but a whole group of people who work to achieve the promoter's plan

Parliament panel pitches for more powers for SFIO to probe corporate frauds

SFIO comes under the corporate affairs ministry and has been set up under the companies law

Delhi HC allows SFIO to quiz Singh brothers for 2 weeks starting Jan 1

Justice Vibhu Bakhru allowed the SFIO to interrogate the Singh brothers, former CMD of REL Sunil Godhwani and Kavi Arora for two weeks from January 1, 2021 onwards

SFIO searches Sahara's office in Lucknow, probe against group widens

Group's companies suspected to have diverted a huge amount of money to other subsidiaries after taking collections from depositors.

SFIO completed investigations against 361 companies last fiscal: Govt

The Serious Fraud Investigation Office (SFIO) completed probes in 12 cases involving 361 companies in the last financial year

Bureaucratic reshuffle: P Amudha appointed joint secretary in PMO

Keshav Chandra has been appointed as the Director of Serious Fraud Investigation Office (SFIO)

Govt orders probe against Jaiprakash Associates, Jaypee Infratech

The Jaypee group has already sold many cement and power plants to reduce its debt

Coronavirus outbreak puts brakes on corporate fraud investigations

Sources said the probe agencies are planning to move an application, seeking more time with respect to the filing of chargesheet in matters

SFIO arrests Rotomac director, Frost International's CEO and MD

Kothari, a whole-time director of the pen company Rotomac, and the Mumbai-based company's bosses were remanded to SFIO custody by a magistrate court

House panel suggests separation of SFIO's investigation, prosecution wing

The panel also took note of high vacancies at the Competition Commission of India (CCI)

DHFL's pre-tax loss narrows sequentially to Rs 167.80 crore in Q3

The company reported a net profit of Rs 934.35 crore in Q3FY20 due to tax adjustments; no provision for interest on borrowings post insolvency proceedings