KPMG Report: Corporate fraud on the rise in India
With Satyam Ramalinga Raju’s billion dollar fraud still fresh in our memories , the KPMG Fraud Survey Report 2010 says, “The overall incidence of fraud is rising in corporate India in the last two years.”
Survey responses, specifically from the financial services and consumer markets industry segments, see a higher level of fraudulent activities within their industry. The survey indicates ‘procurement’ and ‘sales and distribution’ as the most vulnerable areas across industries susceptible to fraud risk.
KPMG Forensic Head, Deepankar Sanwalka, said, “Accountability is no longer restricted to a company as a whole but also streams down to each and every individual. It has become imperative for companies to be vigilant and aware and not just act when fraudulent situations arise.”