SFIO to get more teeth to tackle corporate frauds

The government plans to restructure the serious fraud investigation office by giving it more powers to deal with Satyam like corporate frauds in the future.

Written by FE Bureau

May 30, 2009 00:52 IST

The government plans to restructure the serious fraud investigation office (SFIO) by giving it more powers to deal with Satyam like corporate frauds in the future.?

?The SFIO?s office has some limitations?as there?are certain issues like the investigation rights that only police and CBI have and we want that kind of an authority for SFIO as well. We will be in constant touch with the CBI for this,? said the newly appointed minister of corporate affairs, Salman Khursheed, who took charge on Friday.

Khursheed said that the government has asked the SFIO to expeditiously initiate the prosecution proceedings against the guilty in the Satyam case and put the whole process on the fast track.

Talking about SFIO, the minsiter further said, ? If we have a? strengthened SFIO that has powers under criminal procedures along with the powers of seeking documents and evidence, then we will be able deliver quick trial and judgment and would be able to instill confidence in public?.

This article was first uploaded on May thirty, twenty nine, at fifty-two minutes past twelve in the am.