The ED focuses mainly on financial frauds, including cases related to money laundering and FEMA violations, but the CBI also looks into cases of corruption and other economic offences.
The new post will be in the rank of Secretary to the Government of India and the outgoing ED chief, Sanjay Kumar Mishra, could be appointed as the first CIO, the report said, adding that the post of CIO may be created before Mishra demits office on September 15. The ED will continue to function under the Department of Revenue of the Union Ministry of Finance and the CBI under the Ministry of Personnel, Public Grievances and Pensions, TNIE reported.
The operational supervision of the two agencies would, however, be transferred to the CIO, who, in turn, is likely to report to the Prime Minister’s Office.