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SFIO to investigate 11 cos for suspicious forex transactions: Arun Jaitley

The Corporate Affairs Ministry has ordered the Serious Fraud Investigation Office (SFIO) to probe 11 companies allegedly involved in suspicious foreign exchange transactions relating to the Bank of Baroda (BoB) case.

BoB-AV“Based on preliminary scrutiny relating to suspicious foreign exchange using a public sector bank, the ministry has ordered (on October 15, 2015 and November 9, 2015) investigating under…Companies Act, 2013 into affairs of 11 companies which are allegedly involved in suspicious foreign exchange transactions,” Corporate Affairs Minister Arun Jaitley said in a written reply to the Rajya Sabha.

The minister did not name the bank in the written reply.

The government had however mentioned earlier that the BoB case pertains to alleged irregularities in outward foreign remittances.

While replying to a written question, the minister said that no such complaint has been received against private sector banks for unfair trade practices.

The SFIO, which comes under the ministry, has completed investigation in 39 cases in the current financial year.

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