As we continue our relentless campaign to bring to you the truth behind the NPA’s saddling Indian banking system. Today, we bring to you findings of the E&Y Global Fraud Investigation that interviewed executives from 55 countries. The biggest take away of the survey is fraud and corruption in business is not going away. This is significant since it’s clear that despite growing legislation, greater punitive action.  Fraud in businesses is continuing. Clearly, fraud that is a major factor for the present level of NPA is a phenomenon that’s not just restricted to some or family-owned companies but is prevalent even in large corporations. After all Essar Steel, Kingfisher, Lanco, Jaypee are all large corporation before we open this up. The other very interesting data point is that a third of the respondents felt that fraud is one the biggest risk to their businesses. This is an eye opener for policymakers businesses and also investigating agencies, let first run you through some other important data points.

E&Y’s 2018 Global Fraud Report
The key findings:
Fraud & corruption in business widespread
India ranks 24th in list of 53 countries for fraud incidents
Brazil, Columbia top the list for max corruption
Analyses data to fight fraud in businesses
Increased regulation unable to check fraud

E&Y’s 2018 Global Fraud Report
India facts:
40% respondents feel massive corruption in business
12% respondents experienced significant biz frauds
44% respondents said mis-stating financial data needed for business survival
30% respondents feel no penal action against fraudsters

E&Y’s 2018 Global Fraud Report
How to reduce fraud?
Compliance measures must be boosted
Greater use of tech to identify fraud

E&Y’s 2018 Global Fraud Report
The BRICS countries
Rank: 1

Rank: 32

Rank: 24

Rank: 40

South Africa
Rank: 6

For all the latest Bank NPA Non Performing Assets News, download NewsX App