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ShareHyderabad: The Serious Fraud Investigation Office (SFIO) under the Ministry of Corporate Affairs will continue its probe on Satyam Computers fraud.
Minister of state for corporate affairs, Salman Khursheed today said, SFIO's investigation was limited to probing the alleged violations of corporate laws by Ramalinga Raju, then chairman of Satyam Computers and others. He refuted reports that the government had ordered SFIO to stop investigation.
Foreign Exchange violations would be probed by the Enforcement Directorate, Revenue manipulations would be looked by the Income Tax department and other cases would be investigated by the Central Bureau of Investigation (CBI), the minister said. The ministry had devised a system where the government would be able to detect corporate frauds at an early stage, he said.
There will be 15 warning parameters that would be applied to companies which are under scanner, Khursheed said. The officials will check periodically on revenues, profits and other issues like employees strength. The system will alert if there is any abnormality in records, the minister said.
The companies which do not satisfy those parameters would be questioned and closely monitored to avert future frauds.
