Special fraud probe team looking at Satyam case: Khurshid

Corporate Affairs Minister Salman Khurshid Thursday denied that the government has asked the Serious Fraud Investigation Office (SFIO) to stop probing the Rs.78,000-crore Satyam accounting scam.

"SFIO is continuing its probe into charges of violation of company law and investigations are in the final stage," Khurshid told reporters on the sidelines of a convention of the Institute of Company Secretaries of India (ICSI).

"Most of the work already done there are some minor issues involved," he added.

Terming as "baseless" reports that SFIO had been asked to discontinue its inquiry, the minister said SFIO cannot investigate funds going abroad, an area that was being probed by the Enforcement Directorate.

"SFIO's function relates entirely to violations of company law. Violations of company law have both civil and criminal consequences. SFIO will investigate and has investigated only that area and they will prosecute the accused," Khurshid said.

"There are other areas of IPC (Indian penal Code) offences that CBI will pursue. Offences relating to foreign exchange regulations will be pursued by the Enforcement Directorate and revenue issues will be pursued by the Internal Revenue Service."

Khurshid said under the new company law, SFIO would be given specific powers to make it an effective investigating agency.

"They have to take everything through the court. Those powers will be given to them so that they are an effective investigating agency. They have already been strengthened as far as personnel and forensic capacities are concerned," the minister said.

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( 258 Words)

2009-11-05-16:01:03 (IANS)

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