SFIO
Delhi HC gives nod to SFIO to continue probe against Hero Electric Vehicles
The Delhi High Court permitted the SFIO to investigate Hero Electric Vehicles for alleged misappropriation of FAME II subsidies after settlement talks with the government failed. The Ministry of Heavy Industries rejected Hero Electric's settlement proposal, leading to the court's decision.
NCLT order frees assets of 60 parties in Gitanjali Gems case after SFIO drops charges
The SFIO dropped charges against 60 individuals and entities, including Nirav Modi's family and Punjab National Bank, in the Gitanjali Gems fraud case. Proceedings continue against Mehul Choksi and Nirav Modi. The NCLT lifted restrictions on the discharged parties' assets. Gitanjali Gems is under liquidation with liabilities exceeding ?12,558 crore.
Delhi HC asks SFIO not to take coercive action against Hero Electric Vehicles for now
The Delhi High Court instructed the SFIO to postpone its investigation into Hero Electric Vehicles regarding alleged misappropriation of FAME II subsidies. The court urged the Ministry of Heavy Industries and Hero Electric to resolve their dispute, with the ministry submitting a report by December 20th. Hero Electric contests the allegations and seeks release of pending subsidies.
SFIO holds search operations at Hero Electric, other cos for fraudulent availing of subsidies worth Rs 297 crores under FAME II
The SFIO has conducted searches at Hero Electric, Benling India, and Okinawa Autotech for fraudulent subsidy claims worth Rs. 297 crores under the FAME II scheme. The companies falsely claimed compliance with guidelines to avail subsidies. Investigations revealed non-compliance as key components were imported from China, violating guidelines. Further investigation is ongoing.
Amit Singh Negi appointed additional secretary in PMO, Samir Ashwin Vakil to be SFIO director
In a significant bureaucratic reshuffle by the Indian government, senior IAS officer Amit Singh Negi from the Uttarakhand cadre was appointed as additional secretary in the Prime Minister's Office. Other notable appointments include Samir Ashwin Vakil as director in the Serious Fraud Investigation Office, Manisha Saxena as additional secretary in the Department of Personnel & Training, and Mugdha Sinha as the new director general of tourism. Several other officers were also assigned to new roles across various ministries and departments.
SFIO probe into Sahara group of companies underway, says FM Sitharaman
Sitharaman also said the entire affairs of the Sahara group are being monitored by the Supreme Court and the government is acting according to the directives of the apex court.
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SFIO probe into Sahara group companies ongoing, says FM Sitharaman
Union Finance Minister Nirmala Sitharaman informed the Lok Sabha that the Serious Fraud Investigation Office (SFIO) is probing Sahara group companies, with further action pending the report. Despite 3.7 crore investors, only 19,650 have claimed refunds. The Supreme Court is overseeing the process, and the government is acting accordingly.
Bombay High Court grants bail to IFIN chief executive Ramesh Bawa
While the Serious Fraud Investigation Office (SFIO) is probing Il&FS for alleged irregularities under Companies Law, the Enforcement Directorate (ED) is investigating a case of money laundering. K Ramanand, the erstwhile MD of ITNL and Arun Saha, former joint director of IFIN, were arrested by ED.
SFIO chargesheet sparks summons on 2013 'fraud'
A court case unfolds a decade after the Winsome scam, involving Jatin Mehta's family, BLS, and fraudulent activities with UAE clients. The case includes criminal conspiracy, breach of trust, and corporate law violations.
Show under which circular or provision lookout circulars can be downgraded: HC tells SFIO
A division bench of Justices Revati Mohite Dere and Manjusha Deshpande was hearing a petition filed by one Shikha Kapadia, who was seeking to quash an LOC issued against her in September 2019 after the SFIO launched a probe against her and her employer company.
SKS Power resolution faces roadblock as HC orders CBI probe
Torrent Power and Sharda Energy and Power are the two entities in the fray to acquire the 600 MW power generation company. The committee of creditors last year approved a ?1,800-crore debt resolution plan for Sharda Energy. However, Torrent Power claimed it gave a higher offer and alleged an improper sale process.
Supreme Court issues notice to government on review pleas by Deloitte and BSR in IL&FS case
Deloitte in its review petition told the SC that the May decision failed to consider the provisions of the limited liability partnership (LLP) Act which says no vicarious liability can be fastened on the other partners in the case of alleged fraudulent acts. It further stated that its only three partners and a total team of 18 persons were involved in the IFIN audit and any default on their part cannot result in action against the entire firm, which has approximately 150 partners and employs around 4500 persons.
SFIO starts probe against Kerala CM's daughter's firm; inspects CMRL's Aluva office
The allegation is that Pinarayi Vijayan's daughter Veena's company, Exalogic Solutions Pvt Ltd. collected money from CMRL without providing any services.
Serious Fraud Investigation Office may launch probe into Vivo
The Ministry of Corporate Affairs plans an SFIO probe into Vivo following ED allegations of money laundering, while MG Motor India faces a broader investigation after adverse RoC findings from a 2022 case. Vivo, amidst arrests related to alleged money laundering, reaffirmed its commitment to legal compliance. ED raids in 2022 claimed ?62,476 crore was transferred by Vivo to China. MG Motor India denies recent knowledge of an MCA probe or requests for additional details on governance standards.
Deloitte seeks review of apex court ruling allowing SFIO probe
The financial affairs of IL&FS Group came under scrutiny in 2018 after it defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore. IL&FS Financial Services (IFIN) was audited by BSR, a KPMG-affiliated firm, in FY19 and jointly by BSR and Deloitte in FY18. Deloitte was the sole auditor of the firm in FY16 and FY17.
ED registers a fresh money laundering case against Naresh Goyal, others, raids underway at eight locations
The Enforcement Directorate (ED) Wednesday is carrying out searches at eight locations linked to erstwhile promoter of Jet Airways, Naresh Goyal. The agency has registered a fresh money laundering case against Goyal, his wife, Anita and others, sources in the know told ET.
MCA summons likely for directors of Byju¡¯s parent
A senior official privy to the developments told ET that the officer conducting the inquiry will also ask the directors to join the probe in due course of its investigation.
IL&FS fraud case: Supreme Court allows SFIO to prosecute auditors
Setting aside the Bombay High Court¡¯s April 2020 judgement that quashed criminal prosecution initiated against the two firms and their chartered accountants, a Supreme Court bench led by Justice MR Shah said the SFIO could proceed with its 2019 criminal complaint before a Mumbai court on its own merits.
NFRA imposes fine, debars auditors for 3 yrs for professional misconduct, other lapses in audit of SRS Ltd
An investigation by SFIO had revealed that the company and its group companies had presented financial statements containing false statements of debtors and indulged in the malpractice of round-tripping and layering of transactions resulting in inflated purchases and sales.
Bombay High Court raps SFIO for not completing probe against Naresh Goyal even after four years
A division bench of Justices Revati Mohite Dere and Sharmila Deshmukh expressed displeasure about the tardy pace of probe while allowing Goyal's wife Anita to travel to the United Arab Emirates for a month on April 20. Naresh Goyal, however, failed to get a similar permission as the court said it could not hear his application in detail due to paucity of time. The couple had moved the court seeking permission to travel abroad.
Andhra Pradesh government wants ED, SFIO to investigate Margadarsi Chit Fund
Last month, the Andhra Pradesh CID had registered seven cases at seven places where MCF has branches. The cases named MCF chairman Ramoji Rao and his daughter-in-law Sailaja, apart from the managing director and branch managers. Rao is the head of the Ramoji group which has businesses in media, film production, hotels, food and textiles. MCF headquartered in Hyderabad has businesses in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
Govt invites applications for 40 posts at SFIO on deputation basis
Applications have been invited for 40 posts that include positions of Additional Director, Joint Director, and Deputy Director among others in the areas of financial transaction, capital market, forensic audit, investigation, law and corporate law, according to a public notice.
Parliamentary panel asks MCA to fill vacancies in SFIO
In a report tabled in Parliament, the Standing Committee on Finance noted that 150 posts are lying vacant out of the sanctioned 238 posts. As per the report the ministry has claimed that the posts will be filled during the year. "The Committee had earlier flagged that the Ministry's proposal of increasing the sanctioned strength in SFIO by 105 posts to 238 would only result in increasing vacancies going by their track-record," the report said.
Govt allows Enforcement Directorate to share info with 15 more agencies
Through the notification, the Enforcement Directorate (ED), which deals primarily with cases of money laundering and violations of foreign exchange laws, would be able to share data with a total of 25 agencies, including the 10 specified earlier. These 15 agencies include National Investigation Agency (NIA), Serious Fraud Investigation Office (SFIO), State Police Department, regulators under various Acts, Directorate General of Foreign Trade (DGFT), Ministry of External Affairs, and Competition Commission of India (CCI).
HC dismisses Shradha Binani's plea challenging SFIO summons
Binani, in her petition, had challenged the summons issued by the federal investigation agency arguing the investigation was for a period between 2015 to 2017, which is beyond her tenure and the report in respect of suspect transactions of that period neither names nor implicates her.
SC seeks report from SFIO, CBI on plea alleging laundering of over Rs 12,000 crore
Amtek Auto, which owed Rs 12,800 crore to banks and others, featured on the first list of the 12 companies that were referred by the Reserve Bank of India (RBI) for initiating the insolvency process in 2017. Dehadrai had told the court that the firm had manipulated its books of accounts to present a fiscal position that was entirely false and unsubstantiated.
SC issues notice to PNB, others on pleas of SFIO in Bhushan Steel funds siphoning case
A bench comprising Chief Justice U U Lalit and Justices S Ravindra Bhat and Bela M Trivedi took note of the submissions of the SFIO that the accused were complicit in the case related to the fund embezzlement.
SFIO moves NCLT to freeze assets of pancard clubs
Though Pancard Clubs ostensibly raised funds to admit members into a time share programme that gave them a share of holiday time at tourist properties owned by the company, the membership was a disguise for an investment scheme that promised a fixed return to the members.
SFIO arrests one for dubious incorporation, suspected Tibetan tried to flee country via Bihar
Sources said SFIO on Saturday arrested a person in Bihar suspected to be a Chinese citizen from Tibet, in connection with its probe into more than 30 entities he allegedly assisted in getting incorporated. Chinese nationals subsequently found their way onto the boards of these entities, they said.
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