 "House panel raps SFIO for pending cases")
The Serious Fraud Investigation Office (SFIO) should initiate pro-active steps to expedite pending cases, a parliamentary panel said on Thursday while noting that the probe agency on an average completed 14 cases annually in the last 12 years.
SFIO, which mainly probes cases where companies law has been violated, comes under the corporate affairs ministry.
“As regards the decline in disposal of cases by SFIO, the committee desire that SFIO should initiate pro-active steps to follow up and expedite pending cases...,” the report said.
Tabled in the Parliament on Thursday, the report pertains to the action taken by the corporate affairs ministry on the recommendations made in the report on Demands for Grants (2015-16).
In the last 12 year, 162 investigations were completed, which works out to an average of about 14 completed cases per year, the report noted.
"During 2014-15, SFIO completed 39 investigations, supported by use of technology in the investigation process.
It is to be acknowledged that the average time taken to complete investigation cases were affected by the number of investigations that were taken up simultaneously," it said.
About decline in the number of cases, the panel said it was pertinent to note the increase in 2013-14 was largely on account of the chit fund scam cases.
Meanwhile, the panel also said "it is high time the Ministry of Corporate Affairs exercises 'due diligence' in their Budget formulation, taking a realistic and objective account of their functional needs so as to ensure that scarce resources are not unduly blocked".
