The Serious Fraud Investigation Office, under the Ministry of Corporate Affairs, will get statutory recognition in the Companies Bill, Mr R.P.N. Singh, Minister of State for MCA, said in the Lok Sabha on Friday.

Based on the recommendations of the Vepa Kamesam Committee, the Serious Fraud Investigation Office (SFIO) will be empowered to issue letters of requests in cases involving companies having business interests outside the country. The investigation report filed by the SFIO will be treated on a par with that filed by a police officer.

The definition of the term ‘fraud' along with its punishment is also proposed to be included, subject to due approvals, in the revised Companies Bill for strengthening its enforcement framework, said Mr Singh.

“The Ministry has been organising investor awareness workshops and seminars in partnership with the Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India and Institute of Company Secretaries of India and trade chambers throughout the country to bring awareness among the general public for assisting in taking appropriate investment decisions,” Mr Singh said.

It has also been taking up print media campaigns and issue of advertisements in leading national and regional vernacular newspapers in the form of advisory to the potential investors to be careful before making any deposit or investments in collective schemes of any entity either through online or offline.

He was replying to the question in the context of what the Government was doing to create awareness about unregistered companies that make tall claims and apply fraudulent methods to dupe the public.

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