frauds articles

DICGC- Liability to make time-bound interim payment to Bank depositors

DICGC- Liability to make time-bound an interim payment to depositors of insured bank/s : PMC Bank, Rupee Coop Bank, Pen Coop Urban Bank Efforts are made in this write-up to highlight the correct status of interim payment by DICGC to insured bank depositors, without getting too much into legal Jaron. Print media has been interchangeably [&...

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Posted Under: Finance |

Corporate Frauds & Emergence Issues: An Analysis from Indian Perspective

INTRODUCTION The White Collar Crimes are the types of crimes perpetrated, whether public or private, by respectable individuals with ideal situations. For bureaucratic entities, the surveillance and detection of fraud are practically very difficult as these activities are carried out in very much secrecy due to which these actions are neg...

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Posted Under: Finance |

Fraud and Responsibilities of Auditor

SA 240 defines fraud as an intentional act by one or more individuals among management , those charged with governance , employees or third parties involving the use of deception to obtain an unfair or illegal advantage. Frauds can be of two types fraudulent financial reporting and misappropriation of assets. Fraud risk factors refers to ...

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Posted Under: Finance |

Bank Frauds and Role of RBI

Fraud can be defined as, 'a deliberate act of omission or commission by any person, which has been carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, thereby resulting into wrongful gain to any person for a temporary period with or without any monetary loss...

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Posted Under: Finance |

Globalisation and Financial Fraud

Globalization can be defined as the mixture of individual national economies into the international economic environment via different participation means. Globalization spurred two other revolutions– low-cost mass-transit facilities and international telecommunications (i.e., the Internet)....

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How to Control Financial Frauds In Banks

Introduction : During the Year 1993, we had gone to Audit an PSU Bank in Shimoga as an Articled Clerk and since it was a Statutory audit of the Branch, we were going through all the physical documents since there were no core banking or the banks were not computerized, one particular account which I […]...

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Posted Under: Finance |

Gold Loans & Frauds

When I was doing my CA Articleship in a small town of Udupi in Karnataka to be precise we used to have lots of Bank Audits because Udupi and neighboring district of Mangalore were responsible for the Formation of 5 Big banks of India which later got merged by the Government of India order, previously […]...

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Wire fraud at United States of America – lessons to be learnt in India

Wire fraud, known since 1872 gets mentioned for various crimes committed by all including many Indians in the United States of America. I would like to quote from the United States Department of Justice archives and define it as ‘The elements of wire fraud under Section 1343 directly parallel those of the mail fraud statute, […]...

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Posted Under: Finance |

Financial Frauds in India in recent times

In this article, we will discuss in detail about three financial frauds that have happened in India in recent times – 1. The PMC Bank Scam, 2019 2. The Karvy Stock Broking Scandal, 2019 3. The Rotomac Pens Scam, 2018 CASE I – THE PMC BANK SCAM, 2019 HISTORY AND BACKGROUND: The Punjab and Maharashtra […]...

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Income Tax CPC Frauds – An eye opener for Honest Tax Payers…

You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds....

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Posted Under: Finance |

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