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Serious Fraud Investigation Office

Serious Fraud Investigation Office:

Serious Fraud Investigation Office (SFIO), arrested a Chartered Accountant in Hyderabad recently.

  • Shri Nalin Prabhat Panchal, a Chartered Accountant by profession was arrested for failure to honour the summons issued in connection with the prosecution of Nityank Infrapower & Multiventures Private Limited.

Serious Fraud Investigation Office (SFIO):-

  • Ministry: Ministry of Corporate Affairs.
  • HQ: New Delhi.
  • As per the Companies Act, 2013, the Serious Fraud Investigation Office (SFIO) has been established through the Government of India Notification dated 07.2015.
  • It is a multi-disciplinary organization, consisting of experts in the field of accountancy, forensic auditing, banking, law, information technology, investigation, company law, capital market and taxation, etc.
  • It works for detecting and prosecuting or recommending for prosecution white-collar crimes/frauds.
  • It has five Regional Offices in Mumbai, New Delhi, Chennai, Hyderabad & and Kolkata.
  • Headed by: a Director as Head of Department in the rank of Joint Secretary to the Government of India.
  • The Director is assisted by Additional Directors, Joint Directors, Deputy Directors, Senior Assistant Directors, Assistant Directors Prosecutors, and other secretarial staff.