MLM News

Deadline Set for the SFIO by the Corporate Affairs Ministry To complete probe By December

Serious Fraud Investigation Office
Written by Ak Sharma

The Serious Fraud Investigation Office has actually been provided time till December for completing its probe into the alleged fraud by 54 companies and that includes Saradha group as well.

A special task force of the SFIO recently sent an interim report to the Corporate Affairs Ministry related to this matter.

A deadline has also been set for the SFIO by the Corporate Affairs Ministry till December for completing the probe.

SFIO, which comes under Corporate Affairs Ministry, was asked in the month of April this year to look deeply into the issue, following huge public outburst over the scam perpetrated by Kolkata-based Saradha group that fooled investors with crores.

Aside from Saradha group firms, SFIO is also probing the companies of various other groups, consisting of Rose Valley, Icore E-Services and Sunlight India Land Developers.

In total fourteen Saradha group entities are under SFIO’s scanner featuring Saradha Realty India, Saradha Agro Development, Saradha Exports, Saradha Construction Company and Saradha Garden Resorts and Hotels.

Other than this, 9 bodies from Sunshine India Land Developers group, 11 from Icore E-Services Ltd group and 19 from Rose Valley group are being probed.

Last month, Corporate Affairs Minister, Sachin Pilot had pointed that the ministry, received one interim record (from the SFIO) on the 54 companies.

SFIO is facing lot of hurdles in getting data about the business under investigation, mostly because the entities under probe are not honest in sharing info.

Individually, an Inter-Ministerial Group (IMG) is working with tips to tackle the trouble of prohibited money raising activities or ponzi schemes that are spreading in different parts of the country.

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