COMMERCIAL FRAUD COST INDIAN BUSINESS USD1.2 BILLION IN 2011-2 SAYS ERNST & YOUNG
November 1st, 2012
BY RAGHAVENDRA VERMA, NEW DELHI
Commercial fraud in India inflicted at least USD1.2 billion in losses to Indian businesses in the financial year ending March 2012, a report 'Fraud Indicators in India' by Ernst & Young has claimed. The report, based on analyses of 180,000 news reports, revealed a growing threat of collusion within India between corrupt employees and external fraudsters, with crimes being committed increasingly using forged or stolen documents. Furthermore, among major fraud cases reported that involved more than USD1.8 million in losses, 79% ...
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