80. Consider the following statements regarding Serious Fraud investigation Office(SFIO):
i) It is a statutory body to investigate corporate frauds of serious and complex nature.
ii) It is established under Ministry of Finance.
iii) It has been vested with police power in their investigation.
Which of the above statements is / are correct?
80. Consider the following statements regarding Serious Fraud investigation Office(SFIO):
i) It is a statutory body to investigate corporate frauds of serious and complex nature.
ii) It is established under Ministry of Finance.
iii) It has been vested with police power in their investigation.
Which of the above statements is / are correct?
The correct option is C c) i and iii only
80 AnsC
Explanation:
Serious Fraud Investigation Office
The Serious Fraud Investigation Office (SFIO) was set up in the Ministry of Corporate Affairs.
The main function of SFIO is to investigate corporate frauds of serious and complex nature.
It takes up investigation of complex frauds, having inter-departmental and multi-disciplinary ramifications, substantial involvement of public interest to be judged by size of either monetary appropriation or the number of persons affected and the possibility of investigations leading to, or contributing towards a clear improvement in systems, laws or procedures.
• The Companies Act, 2013 has enlarged the scope of SFIO to a statutory recognition and SFIO has been vested with police power in their investigation
c) i and iii only
80 AnsC
Explanation:
Serious Fraud Investigation Office
The Serious Fraud Investigation Office (SFIO) was set up in the Ministry of Corporate Affairs.
The main function of SFIO is to investigate corporate frauds of serious and complex nature.
It takes up investigation of complex frauds, having inter-departmental and multi-disciplinary ramifications, substantial involvement of public interest to be judged by size of either monetary appropriation or the number of persons affected and the possibility of investigations leading to, or contributing towards a clear improvement in systems, laws or procedures.
• The Companies Act, 2013 has enlarged the scope of SFIO to a statutory recognition and SFIO has been vested with police power in their investigation
