The Serious Fraud Investigation Office (SFIO) has arrested a chartered accountant in Hyderabad in connection with his role during the demonetisation period. 

On the basis of specific intelligence, SFIO officers in collaboration with the Commissioner of Police, Mumbai, arrested a chartered accountant.

Serious Fraud Investigation Office (SFIO)

• Serious Fraud Investigation Office (SFIO) was established in 2015 as per the provisions of Companies Act, 2013.

• The Companies Act, 2013 has accorded statutory status to SFIO and it functions and powers have been enhanced substantially through enabling provisions in the Act.

• It is a multi-disciplinary organisation under the ministry of corporate affairs.

• It consists of experts in the field of accountancy, forensic auditing, banking, law, information technology, investigation, company law, capital market and taxation, etc for detecting and prosecuting or recommending for prosecution white-collar crimes/frauds.

Investigation into the affairs of a company is assigned to SFIO, where government is of the opinion that it is necessary to investigate into the affairs of a company:

i) On receipt of a report of the Registrar or inspector under section 208 of the Companies Act, 2013.

ii) On intimation of a special resolution passed by a company that its affairs are required to be investigated.

iii) In the public interest.

iv) On request from any department of the central government or a state government.

• SFIO is headed by a director as head of department in the rank of joint secretary to the government of India. 

• The headquarters of SFIO is in New Delhi, with five regional offices in Mumbai, New Delhi, Chennai, Hyderabad & Kolkata.

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