Besides, the Corporate Affairs Ministry has ordered scrutiny of the company's books, while the Department of Electronics and IT (Deity) is reviewing issues related to 'Freedom 251' smartphone, touted as world's cheapest.
Responding to queries related to the smartphone, Telecom Minister Ravi Shankar Prasad said: "The government through various departments is taking steps to protect the interest of consumers."
In a written reply to the Lok Sabha, he said a complaint has been received against the company by the Department of Revenue under Ministry of Finance.
"The Directorate of Enforcement is investigating the matter for possible contraventions of provisions of Foreign Exchange Management Act (FEMA) 1999," Prasad said.
Taking suo moto action based on news coverage related to the company, the Corporate Affairs Ministry on February 19 asked SFIO to keep a watch on the activities of the firm. Subsequently, on February 23, SFIO sent its research report along with proposal to call for information from  Registrar of Companies (RoC).
"On the basis of the report of SFIO, Ministry of Corporate Affairs vide letter dated February 25, 2016 has advised Regional Director (North Region) to direct RoC, Delhi to take up the matter with the company and its directors under Section 206 (1) of the Companies Act, 2013 and send a report through the Directorate," Prasad said.