Frauds in Corporate India: Comparison among Four Major Corporate

ScamsChahna Jhaveri
Pandit Deendayal Petroleum University

 Abstract: Fraud is a problem that cannot be easily controlled or managed within organisations today. The dictionary meaning to it is – a wrongful or criminal deception intended to result on financial or personal gain. According to a survey, about one third of organizations worldwide were a victim of economic crime (fraud) within a period of two years.  Though fraud is a serious risk that presents to business, many organisations still lack formal systems and procedures in place to prevent, detect and respond to fraud. 31% of the  Indian respondents experienced economic crime in the last two years, according to a recent research by PWC. Fraud may even be increasing due to greater globalisation, more competitive markets, rapid developments in technology and periods of economic difficulty. This research paper presents the cases of four scams that happened in India. The paper compares four large scams as to the size of the scams, mode of operations, stakeholders affected, and involvement of government employees. The details on actions taken by government are also included. It also looks into the specific cases to reveal the nature of corporate scams in India, their ethical implications and how can they be prevented.

Keywords: corporate scams, frauds, India, government