How much time is needed to probe Satyam fraud?
The economic
offence investigation wing of the government, the Serious Fraud Investigations
Office, would take at least a year to probe the Satyam fraud, a senior official
said on Wednesday.
"We are still awaiting directions from the Ministry of Corporate
Affairs. Normally it takes at least a year to complete the probe," said
the Serious Fraud Investigation Office functionary.
Pointing out that normally the Ministry gives six months to the SFIO to
complete investigation, the official said, but in this case the agency may need
about a year.
However, in a company like Satyam we may take less time in collecting documents
from banks and other financial institution, he said. In cases of a complex nature where companies are closed and promoters are
absconding, the SFIO could take up to three years to complete the probe.
The Ministry has asked the Hyderabad Registrar of Companies (RoC) to look into
the matter.
"If the RoC finds prima facie fraud in the affairs of the company and
investigations need to be done then the MCA would give us direction to do
that," the official said.
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