Corporate Fraud In India Is Becoming A Menace
In a recent survey by international consultancy major KPMG on corporate India ( “India Fraud Survey Report - 2008? ) , it has been revealed that fraudulent activities have become a huge concern to companies. 
The study has revealed that, corporate fraud has increased 54 percent since a similar report was done in 2006. Financial sector is leading the pack followed by real estate and infrastructure sector.
The survey shows that companies pay bribe or other facilitation payment to do business in India. And senior management employees are most likely to get involved in these shadow dealings than other employees as they have access to sensitive company information and can override controls. The unethical behavior and lack of clearly laid down anti-fraud measures have made India Inc. a haven for thugs. Service providers are also involved with corruption in a big way. Its no surprise that losses caused due to fraud or corruption is mounting really high. Read the rest of this entry »