“Between April 2016 and March 2017, Indian lenders reported 12,533 cases of fraud, totaling Rs18,170 crore ($2.79 billion), according to a report by Institutional Investor Advisory Services, a proxy advisory firm.
“Such high quantum of frauds can be attributed to weak internal controls, which are capable of leaving an indelible dent on the balance sheet of the bank,” the report said. KC Chakrabarty, former deputy governor of the Reserve Bank of India, had earlier told Quartz that these frauds are a result of poor control and oversight by the management as well as the regulator.
Ironically, public sector banks (PSBs), which lost the most amount of money to frauds, spent significantly more on audits than their private sector peers. “But this has failed to improve audit quality. The focus now needs to shift to strengthening the audit quality by plugging process gaps and streamlining the checks and balances,” the report said.” (Quartz India, 2018, titled: “Indian banks reported at least one fraud every hour in 2017”)
In this case, CRI Group always suggests reaching the experienced and reliable partners for fraud risk investigations. We, at CRI Group, understand the patterns of fraud and our experts are trained to recognise the elements of fraud characteristics and where they might come into play at any organisation. It is through this knowledge that we can help you uncover the trail of fraud and help bring about a quick and successful resolution.
CRI Group’s global team of Certified Fraud Examiners (CFEs) are highly trained in uncovering fraud. From cases including money laundering, embezzlement, cash theft, asset misappropriation, bribery and corruption, contract and procurement fraud, our investigators have seen it all – and they have helped organizations around the world get to the bottom of suspected cases of fraud.
The quicker you connect with us, the safer your company is today. Reach us anytime.
Source: Quartz India, titled: “Indian banks reported at least one fraud every hour in 2017” https://qz.com/1242509/indian-banks-reported-at-least-one-fraud-every-hour-in-financial-year-2017/