Frauds caused Rs 6,600 cr loss to Indian Economy

As per the first edition of Ernst & Young’s Fraud Indicators in India, different types of frauds may have caused Rs 6,600 crore loss to Indian economy in the last fiscal and banks were the most common victim in scamming cases.

As per the report:

  • 61 % of the frauds are insider enabled.
  • Magnitude of frauds in the second half of FY2012 increased by 36 % over the first half, while the number of frauds rose by a mere 8% during the same period.
  • Around 63 % of the total fraud cases in FY12 were reported in the financial services sector
  • Banks were the most common victim of frauds followed by insurance and mutual fund companies.
  • Losses incurred by banks due to fraud increased by 88%  in 2010-11 to exceed Rs 3,790 crore (more than Rs 2,010 crore in 2009-10).
  • 79% of the major fraud cases (majority cases above Rs 100 million) were due to involvement of senior management of the company owing to their authority and direct interference in the company’s decisions.
  • Delhi witnessed the largest number of fraud cases and highest aggregate losses by fraud in 2011-12.
  • Delhi recorded the highest average losses (Rs 0.8 billion) followed by Rs 5 billion for Andhra Pradesh.
  • Around 86 % of the total loss is cause by top 10 frauds amounting to a loss of Rs 5,670 crore
  • The survey noted that a proactive Forensic Data analysis can assist governments, regulatory bodies and corporate to battle the increasingly complex nature of frauds.

BCCI awards 2011-12

BCCI will honor Sachin Tendulkar and Virat Kohli with Polly Umrigar Award at its Annual Awards ceremony to be held on November 21, 2013 in Mumbai.

Sachin will be honored for his 100th century while Virat will awarded for being India’s top international cricketer of 2011-12.

Former India captain Sunil Gavaskar will be receiving the prestigious Col CK Nayudu Lifetime Achievement Award.