Serious fraud probe agency is coy about sharing RTI data on total misappropriated money. Seriously!

Business Line: Mumbai: Saturday, March 17, 2018.

The Serious Fraud Investigation Office (SFIO) is known to ask probing questions to suspects of financial mismanagement, but it is very hesitant to share its own data under the Right to Information Act.

In response to an RTI query filed by BusinessLine seeking information from fiscal 2012-13 to 2016-17 about the total quantum of misappropriated money for which the SFIO has completed its investigation under the Companies Act, the agency said that no such data was available.

The RTI questions were based on information available on the investigation agency’s website. From fiscal 2003-04 to 2016-17, the SFIO had completed investigation in 312 cases. The number of investigations has since increased.

The RTI had sought the information from fiscal 2012-13 to 2016-17, during which period investigation in 230 cases was completed, which accounts for 73 per cent of the total of 312 cases. Though the agency has been most active in these years, the amount of money investigated by the SFIO is still unavailable under RTI.

Usually, if a government agency declines to share information, the Public Information Officer cites the relevant section of the RTI under which the information has been denied to the applicant.

SFIO is a multi-disciplinary organisation under the Union Ministry of Corporate Affairs, consisting of experts in the fields of accountancy, forensic auditing, law, information technology, investigation, company law, capital market and taxation. It is also empowered to detect and prosecute or recommend for prosecution of white-collar crimes and frauds.

The SFIO charter was issued by the Centre in August 2003. Under the new Companies Act of 2013, the Centre can assign the investigation into the affairs of a company to the SFIO.

The investigation could be carried on the request of a Department of the Central or a State government. It can also be initiated under the public interest or a company can pass a special resolution requesting an investigation into its affairs.