-Hindustan Times New Delhi: At least Rs 3,900 crore was laundered through shell companies between November-December after the ban on high-value banknotes, investigations by a central agency have found. The probe by the Serious Fraud Investigation Office (SFIO) has also identified at least 54 people who helped 559 beneficiaries with laundering the illicit cash, sources said. The government recalled 500 and 1000-rupee notes on November 8 in a move it said was aimed...
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A third of top 500 firms’ books dodgy: SFIO -Subhomoy Bhattacharjee
-The Financial Express A forensic report prepared for the Serious Fraud Investigation Office (SFIO) shows over a third of India's top 500 companies, including those in the top 100, are "managing" their accounts. It finds that companies where promoters hold more than 50% of total shareholding are more likely to take such steps to impress markets with their performance. Both domestic companies and subsidiaries of multinationals listed in India show similar trends...
More »PM says unauthorized deposit collection has to be curbed
-The Times of India Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region. Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry...
More »Saradha chit fund scam: West Bengal, Northeast hot-bed of investment frauds; NRIs major target
-PTI Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and North-Eastern states have become a hot-bed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO ( Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the country,...
More »Rs 700 Cr Land Grab Case Against Asaram Bapu
-Outlook Self-styled godman Asaram Bapu has ran into fresh trouble with the Serious Fraud Investigating Office (SFIO) seeking his prosecution in a Rs 700 crore land grab case in Madhya Pradesh. The case pertains to 200 acres of land in Ratlam and the SFIO, which wants to prosecute Asaram and his son under the provisions of Indian Penal Code and Companies Act 1956, recently send its recommendation to the Ministry of Corporate...
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