Serious Fraud Investigation Office
Also called: SFIO · Topic: Statutory, Regulatory and Quasi-judicial Bodies · NCERT: Beyond NCERT
Meaning
The Serious Fraud Investigation Office (SFIO) investigates serious corporate frauds, meaning big cheating in companies. It was set up in 2003 and works under the Ministry of Corporate Affairs. It became a statutory body under Section 211 of the Companies Act 2013. Section 212 of the same Act gives it the power to arrest. This matters because company frauds need experts in accounts and law, not only regular police.
Example
When the government suspects major fraud in a company's accounts, it can hand the case to the SFIO. Under Section 212, SFIO officers can then arrest the people involved.
Don't confuse with
- Enforcement Directorate (ED): the ED works under the Finance Ministry and enforces money-laundering and foreign-exchange laws (PMLA and FEMA). The SFIO deals with fraud under company law.
Related concepts
- Central Bureau of Investigation
- Delhi Special Police Establishment Act 1946
- General consent
- Section 6A of the DSPE Act
- Appointment of the CBI Director
- Extension of CBI and ED Directors' tenure (2021)
- National Investigation Agency