The government has emboldened the resources of the Serious Fraud Investigation Office (SFIO) with four expert auditors from the Comptroller and Auditor (C&AG) joining the team probing financial irregularities in Satyam.
SFIO has been asked to look into all aspects of the case and to give its report within 3 months.
Offences having multidisciplinary ramifications and considerable public interest either in terms of monetary misappropriation or in terms of persons affected are normally referred to the SFIO.
It is a multidisciplinary organisation having experts from financial sector, capital market, accountancy, forensic audit, taxation, law, information technology, company law, customs and investigation
A top official, who did not wish to be identified, said four “very experienced” auditors from the C&AG have joined the team to help SFIO navigate through the web of financial front companies allegedly used by Satyam’s disgraced founder chairman B. Ramlinga Raju to siphon off funds from the technology firm’s accounts.
Last week the government widened the scope of investigations into corporate India’s biggest fraud and mandated SFIO to scrutinise the accounts and transactions of as many as 356 entities to unravel the alleged fraud.
{{/usCountry}}Last week the government widened the scope of investigations into corporate India’s biggest fraud and mandated SFIO to scrutinise the accounts and transactions of as many as 356 entities to unravel the alleged fraud.
{{/usCountry}}Investigations have established evidence of how Raju and his accomplices might have set up a web of lesser known firms to divert funds from Satyam’s accounts.
(with inputs from Gaurav Choudhury)