ICAI expect its fraud detection cell to come into operation by July 2009, to handle cases like the `Satyam case’, said Uttam Prakash Agarwal, ICAI President.
The cell would crack large financial fraud cases and help agencies like Securities and Exchange Board of India and Reserve Bank of India. The cell’s objective would be to `fast track’ cases and to set up an office on the lines of Ministry of Corporate Affairs’ Serious Fraud Investigation Office (SFIO), which was set up in 2003 by the government for investigation of stock market scams, failure of non-financial banking companies and other financial frauds.
The high level six member committee which was set up by ICAI to pursue Satyam Computer scandal is expected to give its decision next month.
