SFIO to rope in consultants for law, financial analysis

NEW DELHI: To ramp up its manpower, the Serious Fraud Investigation Office (SFIO) plans to hire 15 consultants from various fields, including law and financial analysis.

SFIO, which comes under the Corporate Affairs Ministry, is probing many cases, such as alleged fund diversion at defunct Kingfisher Airlines, even as it grapples with staff shortage.

Out of 15 consultants, 11 would be hired for law (advocates) and financial analysis at Delhi, Kolkata, Chennai and Hyderabad.

Besides, three consultants would be hired for banking area and one for law at its office here, SFIO said in a public notice.

Initially, these consultants would be hired for six months on contractual basis.

Those roped in for financial analysis would have to "critically analyse the corporate announcements made by the corporate entities and prepare research reports".

They would also study financial reports of the companies under investigation and make complex financial analysis and prepare reports.

Consultants in the area of law would be required to draft various documents, including complaints, petitions and affidavits, besides providing all assistance to SFIO officers during investigation and prosecution.

Recently, the white collar crime probe agency empanelled 91 chartered accountant firms to carry out forensic audit and analysis of financial statements on a case to case basis.

In December last year, the Corporate Affairs Ministry had said it was in the process of notifying 20 recruitment rules for various posts at SFIO.

Of the 130 sanctioned positions, 57 posts were vacant, it had said.

In the last four years, SFIO was ordered to investigate 258 companies for alleged fraud. Of them, probes have been completed in 116 cases and reports are submitted to the ministry.