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Corporate fraud is on the rise worldwide – this is the crux of the Global Fraud Survey, 2015-16, conducted by the risk-mitigation consultancy Kroll and the Economist Intelligence Unit. Nearly 75% of the companies surveyed have fallen prey to fraud in the past year, up 14% from three years ago. India has one of the largest rates of corporate fraud in the world.
India is one of the most corrupt regions in the world, according to the Global Fraud Report, as reported by The Hindu. Eighty percent of companies who participated in the poll said they were victims of fraud in 2015-2016. This figure has risen from 69 percent in 2013-14.
The results were put together as part of the Global Fraud Report 2015-16 by risk mitigation consultancy, Kroll, with the aid of the Economist Intelligence Unit.
t further concluded that India has the third-highest number of cases of fraud, behind only Colombia with an 83 percent, and Sub-Saharan Africa with an 84 percent.
The India-centric data in the report shows that the highest incidence of fraud as reported by Indian companies is due to ‘corruption and bribery’.
A quarter of the respondents said they registered losses due to dubious records in graft-linked fraud. On average, the worldwide survey found that only 11 percent of the companies reported corruption and bribery as a source of revenue loss.
The latest report also finds that the biggest factors exposing Indian companies to fraud have changed over the last few years. Where the previous report pegged IT complexity as the biggest contributor to fraud, the 2015-16 report says the new drivers of fraud are high employee turnover and cost restraints over pay.
Here are some key findings from the report:
- The share of Indian companies that were victims of fraud in 2015-16.
- In 2013-14, only 69% of companies had reported fraud.
- Only Columbia (83%) and sub-Saharan Africa (84%) had more victims of business fraud.
- Share of respondents who said their companies had witnessed an rise in fraud in 2015-16.
- Indian companies are “highly or moderately vulnerable” to fraud.
- Share of respondents who said that junior employees of their own company are “leading players” in fraud, including corruption, compliance breach and procurement irregularities.
- Despite this, only 285 of the companies surveyed invest in background checks of employees.
- Share of companies that reported cases of corruption, making India the nation with the highest incidence of corruption.
- Although only 8% of Indian companies reported money laundering, it’s still more than in any other country.
- 20% of Indian companies reported regulatory breach while 15% reported intellectual property theft.
- Amount of private equity investment in India that is entangled in legal disputes.
- “Most disputes are triggered when private equity investors suspect fraud in a portfolio company,” says Reshmi Khurana, Managing Director, Kroll India.
- Share of companies discouraged from operating in Latin America because of the risk of fraud.
- This is followed by Africa, where 22% of the companies are advised not to operate. In Central and Eastern Europe, 14% companies follow this policy.
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