75 companies under SFIO lens for alleged fraud this fiscal

The Serious Fraud Investigation Office (SFIO) has started investigating 75 companies for alleged fraud in the current fiscal, Parliament was informed today.
The agency comes under the ministry of corporate affairs, which is implementing the Companies Act.
During the current fiscal (till December 12), the ministry has ordered investigations into the affairs of 75 firms to be carried out by SFIO, Minister of State for Corporate Affairs P P Chaudhary said in a written reply to the Lok Sabha.
The number could go up since there are three months to go before the financial year comes to a close.
The government intervenes in the affairs of a public limited company when allegations of fraudulent transactions and unethical practices or violations of Companies Act comes to its notice.

In 2016-17, the number of such companies that came under the SFIO lens was 111, as compared to 184 seen in 2015-16 and 71 in 2014-15.
In a separate reply, the minister said that the number of registered Limited Liability Partnership (LLP) rose to 29,723 in 2016-17 from 22,934 in 2015-16 and 14,849 in 2014-15.