SFIO investigates three electric vehicle firms for ₹297 crore fraud in India's FAME II subsidy scheme.

The Serious Fraud Investigation Office (SFIO) conducted searches at three electric vehicle companies—Hero Electric Vehicles, Benling India Energy and Technology, and Okinawa Autotech International—over accusations of fraudulent claims totaling ₹297 crore under India's FAME II subsidy scheme. The investigation reveals the companies may have falsely claimed compliance with local manufacturing guidelines while importing restricted parts from China. The SFIO recovered evidence during the operations as the investigation continues.

December 02, 2024
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