SFIO, also known as the Serious Fraud Investigation Office, is a government agency established in India that specializes in detecting and investigating serious financial frauds and white-collar crimes.
The SFIO operates under the Ministry of Corporate Affairs and was set up in 2003 with the objective of curbing corporate frauds, protecting investors' interests, and promoting transparent business practices. It serves as a multi-disciplinary organization, comprised of experts from various fields like law, accountancy, finance, and information technology, who collaborate to investigate complex cases.
The primary responsibility of SFIO is to inquire into cases involving serious financial irregularities and advise the government on necessary actions, including legal proceedings. It can initiate investigations on its own or upon receiving a request from the government, regulators, or stakeholders. The SFIO has the power to summon and examine individuals, inspect books of accounts, call for documents, and collect evidence during its investigations.
The agency's investigations cover a wide range of financial irregularities, including corporate fraud, insider trading, money laundering, forging financial statements, diversion of funds, non-compliance of corporate governance norms, and more. SFIO's efforts aim to ensure accountability, maintain trust in the corporate sector, and strengthen the overall financial ecosystem of India.
In conclusion, SFIO is an investigative agency established by the Indian government to identify and probe serious financial frauds and related offenses. Its role is to guard against financial malpractice, protect investors, and promote integrity in the corporate sector.
