Question

SFIO stands for

• A. Serious Fraud Investigation Office
• B. Serious Force Institution Office
• C. Serious Form Investigation Office
• D. Serious File Investigation Office

Hint:

Associate SFIO with serious corporate fraud. Remember that it was given statutory power under the Companies Act, 2013 (Section 211), making it a powerful agency for investigating complex financial crimes in the corporate sector.

Answer 1

The Correct Option is A

Step 1: Understanding the Concept:
SFIO is a specialized, multi-disciplinary organization in India that investigates and prosecutes white-collar crimes and serious corporate fraud. It was initially set up by a government resolution and was later given statutory status.
Step 2: Detailed Explanation:
The acronym SFIO stands for Serious Fraud Investigation Office.
It was established to detect and prosecute or recommend for prosecution white-collar crimes. It primarily investigates frauds under the Companies Act but can also investigate violations of other economic laws like the Indian Penal Code, Securities Contracts (Regulation) Act, etc., in conjunction with the primary investigation.
The SFIO was given statutory recognition under the Companies Act, 2013. Section 211 of the Act provides for the establishment of the SFIO, and Section 212 details the investigation process into the affairs of a company by the SFIO. It is under the administrative control of the Ministry of Corporate Affairs.