COMMERCIAL FRAUD COST INDIAN BUSINESS USD1.2 BILLION IN 2011-2 SAYS ERNST & YOUNG

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% ...


Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.