Develop early warning system to detect frauds: house panel to MCA

With the Ministry of Corporate Affairs (MCA) failing to develop a foolproof early warning system to detect frauds, a Parliamentary panel has urged it to put in place a "coherent and efficacious" fraud prediction framework at the earliest. 

Taking a dim view, the committee also said that it was "constrained to note the trial and error approach of SFIO in formulating modules/systems for prediction detection and prevention of frauds". 

The Serious Fraud Investigation Office (SFIO), which primarily probes white-collar crimes, comes under the MCA. The observations have been made by the Parliamentary Standing Committee on Finance.