TaxTMI 
TaxTMI 
Developing an Early Warning System to Identify Early Signs of Frauds
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....eveloping an Early Warning System to Identify Early Signs of Frauds <br>News and Press Release<br>Dated:- 5-8-2013<br><BR>The Ministry of Corporate Affairs is in the process of developing an early war....
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....ning system to identify early signs of frauds including potential frauds. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affa....
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....irs, said that Pilot testing of the proposed system is expected to be completed during 2013-14. Regarding action against companies indulging in defrauding investors through ponzi schemes, Shri Pilot ....
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....informed the House that his Ministry has ordered investigation under Section 235 of the Companies Act, 1956 to be conducted by Serious Fraud Investigation Office on the basis of reports of Registrars ....
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....of Companies in respect of 67 such companies who had allegedly floated ponzi schemes and investigation is being conducted in respect of all of them. As and when the investigation is completed, Governm....
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....ent orders prosecution in respect of violations of the provisions of the Companies Act, 1956 and Indian Penal Code, 1860.<BR> News - Press release - PIB....