Fraud by promoters and board in listed company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2012 In a company where i worked, i found evidence of fraud and money laundering by promoter group and the Board. it was a listed company. so sending the complaint to the board only brought about termination of the whistleblower and a huge attempt to cover up and discredit the whistleblower.

Under law, what are the ways to escalate this to SEBI or the Govt to avoid a Satyam like situation
At this point the goal is to have the Govt investigate it fully instead of just going by what i found and, in parallel, bring it to media attention so that the govt investigator, if appointed, cannot be influenced

Sending a complaint on SEBI website apparently yields no results because SEBI gets tens of thousands of complaints.
So what is the best way and forum to attract attention from MCA or SEBI and have them seriously investigate this

VIVEK SHARMA

VIVEK SHARMA (Expert)
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24 April 2012 If you found a case of money laundering, you should report it to FIU-IND.

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2012 To be able to get that done, i need to have an independent investigation otherwise the company will not share any data and will try to bury or modify all records

So at this point, the biggest question is how do we get a govt agency to take notice of the theft that the Board and promoter group is doing in this listed company... some of the ways they are routing money could be through laundering

If i write up the details, who can i send it to so taht somone actually looks at it and takes action like appointment of an independent board chairman etc

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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24 April 2012 OK.
PLEASE WRITE A LETTER / EMAIL :

Shri Rajesh Sharma
Addl. Director(FA-I)
Serious Fraud Investigation Office
2nd floor, Paryavaran Bhawan,
CGO Complex, Lodhi Road,
New Delhi-110003
Tel : 24369243(off),Fax : 24365809
mail us: inf.sfio@nic.in
******************************************************

The SFIO is a multi-disciplinary organization under Ministry of Corporate Affairs, consisting of experts in the field of accountancy, forensic auditing, law, information technology, investigation, company law, capital market and taxation for detecting and prosecuting or recommending for prosecution white-collar crimes/frauds. The SFIO will normally take up for investigation only such cases, which are characterized by

* complexity and having inter-departmental and multi-disciplinary ramifications ;
* substantial involvement of public interest to be judged by size, either in terms of monetary misappropriation or in terms of persons affected, and;
* the possibility of investigation leading to or contributing towards a clear improvement in systems, laws or procedures. The SFIO shall investigate serious cases of fraud received from Department of company Affairs.

REGARDS,