Overall incidents of fraud increasing in India Inc. - agree ?

The KPMG fraud report is highlights the dangerous situation of the corporate sector in India. Well this is not very surprising due to the opening of Open Marketing in India. India has not  made effective laws for preventing  the fraudulent activities in newly opened open market system. The KPMG report may open the eyes of authorities for implementation of active laws in this sector. 

Dear Goutham,

World has a lot of good aspects as well why not compete on them, rather than trying to stay ahead on corruption and deceit.

How and Where does anyone find a scope to disagree. 

Asoke, very good debate and and balu i liked your first sentence "ANY ONE DISAGREES WITH THE SAYING SUN RISES IN THE EAST" . No greater examples are there than our Great Satyam fraud. Following Satyam it was Wipros turn in news. I think some sort of transparency is required in the system to identify these frauds instantly.

Asoke ji , Great Debate

I fully agree with you.

can we single out 'WHO IS THE BOSS?'

we are aware, one Indian- a philosopher, 2 Indians - chit chat, 3 Indians quarrel.

fraud becomes customary , a fixed price for a fixed work- many are content with this, the problem begins when one outwits the other.

Rectification is very much required. There is still huge amount of corruption in the beaurocatic corridors, which need VERY FAST AND EXTREMELY STRICT e governance laws. Also, the complete compensation structure of the govt employees need to be majorly refurbished so that the direct needs and requirements of the employee is met and he/she does not need to look outside to fulfil his/her needs and requirements.

The e-governance systems will close the further loops, thus making it a fool proof system.

This alone can make our country progressive.

To my knowledge and the recent news published ,It is very clear that the corruptio n and fraud is very high in goverment dept related to financeal area.Though it is common in india nowadays it is very high may be we /our country is growing faster in every area of development.

what ever the fraud even if you do small kind also fraud is known as fraud with a small example if you take anything in retail what ever the price is tag , the shop keeper wont take the mention in the price tag they will take even a small portion like Rs.1 as a commission so if the things in small thing not get proper obdation and you can imagine overall other things.

Even when well established corporates such as Satyam Comp can fudge its balance sheet, any unreputed public company can do the same. Hence the fraud detection system is necessary.

I agree more with Asoke's clarification/Additions on the issue raised.......though I don't have much statistical knowledge of the subject but if the report is coming from KPMG, anybody can write it off only at his/her own peril... We should rather be more open minded and try to be introspective than defensive.....

Dear Asoke.......I m not regular on Toostep......can u send this report to me on my soodparivar@hotmail.com id...  Thanks in advance,

YES UNDOUBTEDLY THE INCIDENCE OF FRAUDS IS INCREASING IN THE CORPORATE SECTOR. tHERE IS THEREFORE, AN URGENT NEED TO TAKE IMMEDIATE REMEDIAL MEASURES.

thanks for thought provoking argument. yes. Curruption will never be eradicated but can be minimised. the reason I strogly feel is NO PUNISHMENT for any thing we do against law. recently in tamil nadu they unearthed huge repacking of old medicnes and CBCID found out more than 400 cr is earned ( actual not known) and all top official were bribed in crores. whether, it is  industry inc., or others, unless invidual value other human beings as they are, nothing can change. Immediate punishment, fear of death only can reduce this. God help us. I am writing this with pain.

Surveys are made through samples. RESULT SHOWS SIGNIFICANT FACT , ONLY WHEN SAMPLES ARE SIGNIFICANT. Moreover, there is always a biasness through the media in which sampling is done & the surveyor who performs the survey. So,the survey result can not reflect the true picture of that particular mass. However, the facial value brought out can not be ruled out. Thats is to say , the trend in frauds is on-the-grow.

Most of the fraud, what we hear is through Internet or networkings. such as, ATM cards usage, Lottery winner, Employment offers, Loan sanctions, sex crimes by computer etc. Also, modern gadgets such as laser printers to produce fake currency, labels for various products particularly, printing Identification cards etc. , are wisely used by people to cheat.

So, what we infer is to reduce this kind of frauds by introducing appropriate security firewalls, scammer identifiers by developing higher level of softwares. Totally removing is bit difficult but, to a great extent, can be reduced.

When technology grows, parallelly it brings problems also. It is expected. Society needs to refine themselves to the requirement & adopt noval technique to handle this kind of menace.Fraud exists everywhere in the world, right from issuing flight tickets to landing on the other terminals.

Report may be bit superfluous but, we need to accept the global prevalence of fraud.Financial institution can arrange for Risk reduction measures suitable to their functions. Set aside fraud by your intelligence & modern techniques.

I too agree. This is the fact, everybody knows. If we discuss the methods to eradicate the corruption in India. I would like to raise a question "How to eradicate corruption in India". I hope that would be more useful for us and even to the country. I expect the community to through light on the question.

ANY ONE DISAGREES WITH THE SAYING SUN RISES IN THE EAST?IT IS AS TRUE AS THAT.THIS TREND IS GROWN IN ABNORMAL PROPORTION AND WARRANTS IMMEDIATE ATTENTION.MORAL FEAR IN THE MINDS OF SELF ONLY CAN BE THE CORRECT AND EFFECTIVE ACTION TO CONTROL THIS MENACE.

Yeah, it is very good issue highlighted by Mr. Asoke. We have already seen few major crisis related to this. One of the most popular was "Satyam Computer". And a lot of people has suffered from that fraud. Investors loose their trust on companies. Now many corporate using that type of strategies. We have to make amendment/rectification in the control system which will more effective than now but yeah, it is very difficult task for govt. to applicable control in corrupt system............