Serious Fraud Investigation Office to deploy early warning system to detect frauds by corporate entities

The Serious Fraud Investigation Office (SFIO) is aiming to deploy an early warning system (EWS) by 2018 to facilitate advance detection of frauds by corporate entities. The SFIO will soon hold industry interactions to get feedback on the system and its working.

A pre-proposal meet has been scheduled for Thursday at Indian Institute of Corporate Affairs in Gurgaon. The SFIO is looking at a timeline of about a year-and-ahalf to complete the project, which has been in abeyance for the  .”Since it is an analytics product, we want to get a feel of what the industry expects before releasing the RFP and incorporating the same in the RFP,” an SFIO official told ET.

“The business modalities and framework has been finalised and we hope to see it (EWS) realised by 2018.” This is the first concrete step towards the development of an early warning system to identify and detect financial frauds in the country after the parliamentary standing committee on finance criticised th ..

 

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