Ministry of Corporate Affairs has asked corporate fraud investigating agency SFIO to outsource part of its work to private sleuths to overcome the problem of staff shortage that was causing delay in completing probes timely. The Ministry, in an internal note to the Serious Fraud Investigating Office (SFIO), has directed the body to hire private detective agencies to share the work load for significant cases.
“Although investigation work per se will not be handed over to private detective agencies, the SFIO can hire them for purposes like tracking missing directors, vanishing companies, etc,” a senior official told PTI.
Set up in 2003, the SFIO, an investigating body that is yet to get statutory and legal powers, came into the limelight for its role in probing the Rs 14,000-crore Satyam fraud case.
Source – PTI