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SFIO conducts search operations at three companies
The Business Guardian
|December 03, 2024
The Serious Fraud Investigation Office (SFIO) on Monday conducted search operations at three companies engaged in the manufacturing of electric vehicles, the Ministry of Corporate Affairs (MCA) said in a release.
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According to the release, these cases arise from the alleged fraudulent availing of subsidies amounting to Rs 297 crores cumulatively by all three companies under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme of the Ministry of Heavy Industries (MHI).
The three companies, for claiming subsidies, had allegedly shown compliance with the applicable guidelines to the MHI, which was subsequently found to be incorrect and false.
This story is from the December 03, 2024 edition of The Business Guardian.
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