The multi-disciplinary Serious Fraud Investigation Office, probing many high profile corporate scams, is grappling with severe talent shortage as nearly half of its approved 130 positions remain vacant.
With the mandate to probe corporate frauds, SFIO needs experts in diverse fields, including accountancy, forensic auditing, company law and taxation.
“At present, there are around 70 people working at SFIO, while our required workforce strength is around 130 employees. We are in the process of hiring more people,” a senior official in the know told PTI.
The agency comes under the Corporate Affairs Ministry. It is looking into some high profile case such as alleged financial irregularities in sportswear maker Reebok and multi-layered marketing company Speak Asia.
Headquartered in Delhi, SFIO also has offices in five other cities - Mumbai, Chennai, Hyderabad, Ahmedabad and Kolkata.
In September, SFIO invited applications to fill up as many as 58 positions spread across its six offices. Vacancies are mainly at various director levels in the areas such as investigation, capital market, banking, corporate law and forensic audit.
Out of the total, 42 vacancies are in New Delhi. The agency is looking for additional/joint directors, senior assistant directors, senior prosecutors and prosecutors. There are also requirements for private secretaries, office superintendent, personal assistants and assistants.
According to its website, SFIO has experts in the fields of accountancy, forensic auditing, law, information technology, investigation, company law, capital market and taxation.
So far, the agency has completed over 90 investigations related to various companies including Satyam Computer Services.
The new Companies Bill has proposed statutory status for the SFIO. Once the status is given, the agency’s investigation report submitted to the court would be treated at part with a report filed by a police officer.
SFIO also looks into company liquidation cases at the request of official liquidators and high courts hearing the winding-up petitions to check for possible financial irregularities.
Among others, the agency probes cases that have substantial involvement of public interest, either in terms of monetary misappropriation or persons affected.