SFIO's Growing Investigative Load: Scrutiny Intensifies

The Serious Fraud Investigation Office (SFIO) has filed 82 investigation reports over the past three fiscal years, with a peak of 40 in 2023-24. Despite this increase, the Ministry of Corporate Affairs reports no verified rise in corporate fraud cases over the last five years.

The Serious Fraud Investigation Office (SFIO) has experienced a notable increase in its investigative workload, submitting 82 reports over the past three financial years, including a record 40 reports in 2023-24. This was revealed by the government on Tuesday.

Alongside these submissions, the SFIO was tasked with 26 cases by the corporate affairs ministry during the same timeframe. However, Union Minister of State for Corporate Affairs, Harsh Malhotra, addressing the Rajya Sabha, remarked that there is no confirmed surge in corporate fraud cases to report.

Detailing the period after a query about the potential rise in fraud cases, Malhotra disclosed that out of 72 cases assigned to SFIO over five years, 40 reports were compiled for 2023-24 alone. Despite the number of investigations, no financial recoveries were made.