SFIO probes 10-12 cos for fraud; may unveil Rs 300cr scam

The multi disciplinary organization for investigating serious financial frauds, Serious Fraud Investigation Office (SFIO) is probing 10-12 multi-layered marketing companies. The investigating agency is trying to focus on the modus operandi of these companies and estimates suggest, the total investor money involved could be over Rs 300 crore.

Most of these companies operated out of Kolkata, Mumbai and Bangalore. The SFIO is also mulling the possibility of writing to the CBI for help in the probe. The investigation will mainly try to concentrate on whether money has been sent out of India or not.

One of the major cases of financial fraud was reported against Speak Asia, an organization which assured investors of good money in return for answering online surveys. SFIO found Rs 700 crore was remitted out of India by the organization.

SFIO sources claim that they have got a lot of complaints from consumers and the Ministry of Corporate Affairs has forwarded many cases of fraud after the Speak Asia incident came to light. Moreover, SFIO has found common promoters in many cases and is trying to find out if there is an organised gang behind these companies.