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April 21 2015

Corporate Frauds In India On The Rise

"Lack of strong internal audit mechanism along with over-riding powers of top management have resulted in corporate frauds in India. The corporate frauds have risen over 45% in the last two years. According to a study conducted by ASSOCHAM and Grant Thorton, corruption, money laundering, tax evasion, window dressing, financial reporting fraud and bribery are the common corporate frauds occurring in India Inc. ""Over 65% of our survey respondents agreed to witness a rising trend of willful defaults and frauds. The survey observed that the lurking risk of frauds has been dissuading global companies from investing in India,"" states the report."