Abstract
The need for specialized forensic accounting abilities is rising because of increasing levels of both economic crime and growing worldwide awareness of the value of strong corporate governance and ethics. Therefore, this has necessitated the enactment of regulation and enforcement mechanism at international and national level. Due to the massive number of organizational scams, misappropriation, and other economic crimes that are committed frequently, professional accountants with the necessary forensic accounting expertise are required to help avoid, identify, and uncover such crimes. Forensic accounting refers to the task that accountants do mainly investigations of disputes, lawsuits, and compensation claims. Economic disruptions must be reduced to a minimal limit because economic health is such a critical element of a nation’s physical wellbeing. In recent years, India has witnessed a slew of bank collapses and scandals that threatened the monetary system and destroyed investor trust. There are several instances of banks failing due to the squandering and misdirection of money into hazardous investments that eventually hurt customers and financial firms. Through this paper the authors have highlighted the importance and role of forensic accountants in the administration of the criminal justice system. The paper discusses the various scams in India that has shattered the financial condition of the country.
The expected outcomes of this paper are: –
- Accentuating the importance of forensic accounting in unearthing various bank frauds and financial crimes.
- Underlining the fact that despite the laws the cases of financial frauds are on the rise and therefore it is the right time to revisit the existing legislation and make necessary and required amendments.
- Highlighting the exigency of forensic accounting education amongst students to help them develop important analytical, technical, documentation skills that will help them to become successful auditors, tax professional, forensic accountants.
Keywords: Forensic accounting, auditing, financial frauds, serious frauds investigation office
Introduction
For any country to prosper, it is important to have a robust and well-regulated economy free from frauds and scams. Due to various economic shock and banking failings, the investors have lost their trust and faith in the existing banking system. Various frauds have been attributed in closure of banks and have completely devastated the investors and the financial establishments. The Reserve Bank of India in its annual report submitted in the year 2021-22, has disclosed that the banks and other financial institutions have suffered frauds to the tune of 60,414 crores. There is a surge of 23.69 % of frauds at 9,103 in 2021-22 as compared to 7,359 frauds committed in the year 2020-21. The private sector entities have reported maximum frauds related to small value cards and internet frauds. Whereas on the other hand the public sector banks have added maximum to the fraud amounts mainly in loan portfolios.[i]
There has been an abrupt increase in different types of economic crimes throughout the world. These crimes include fraud in banking and corporate sectors, manipulation in stock markets, counterfeiting of currency, bribery, and embezzlements. A global survey carried on by Association of Certified Frauds Examiner (ACFE) had published its findings ‘The Report to the Nation’ in the year 2020. The report has revealed that in 125 countries nearly 2.504 cases of frauds had resulted into loss of US$3.6 bn.[ii] As evident, economic crimes are incessantly growing with the constant use and dependency on technologies. This has exposed the investors to various financial offences such as money laundering, accounting frauds, corruption, asset misappropriation and anti-trust violations. The economic crimes don’t simply imperil the country’s economic health but also maligns the reputation and brand of a company, dropping of shares in the market and continuous involvement in litigations.[iii]
The exponential increase in various economic crimes and management frauds has necessitated the profession of forensic accounting involving forensic accountants trained and specialized in investigative and technical skills. The enormous scandals in India like Punjab National Bank scam of 2018, IL & FS (Infrastructure Leasing and financial services) scam of 2018, PM (Punjab and Maharashtra Cooperative bank) scam of 2019, have instilled a sense of awareness amongst the public. The exposure of people and their experience of various financial frauds has also led to the greater need for forensic accountants in recent years.[iv]
Understanding Forensic Accounting
Forensic accounting has witnessed exponential expansion over the last few years. Forensic accountants act as a catalyst of accounting profession and are considered as rising stars as they are sought by more and more companies and corporations to save them from frauds and scams. Till now it was believed by the public including directors and officials of different managements and companies that exposing frauds was integrated with financial auditing and accounting study. The financial auditors were expected to protect against the frauds through timely audits of the accounts.[v] Now people have clearly understood the demarcation between the function of the financial auditors and forensic accountants. The task of the financial auditor is to simply check the company’s accounts, accounting reports and to ensure compliance with the standards of accounting principles and policies. People have recognized that there exists a need for different accountants who are expert in investigating fraudulent transaction occurring in various financial institutions, companies, and corporations.[vi]
Forensic accounting had evolved in the beginning of the 1900’s to shelter the expansion of businesses in North America. Despite this there was as such no separate practice of accounting that dealt with frauds and forensic issues. Forensic Accounting today is entirely different from what it existed earlier and is still undergoing changes.[vii]
Delineating Forensic Accounting
To date as such there is no largely accepted description of forensic accounting. The reason for divergence of opinion could be primarily the practice, background, and the experience of the forensic accountant. As a result, there are different definitions propounded by various authors and institutions. Forensic Accounting involves the implementation of investigative skills and specialized knowledge owned by the certified public accountants (CPAs) to accumulate, examine and assess the evidence, to elucidate and convey the results in the courts, or judicial authorities.[viii] The term forensic accountant has been defined by the American Board of Forensic Accountant as an expert conducting inquiry, examination, analysis, test, investigation to infer the truth and formulate an expert opinion.[ix]
The term Forensic Accountant has been decoded by the Association of the Certified Fraud Examiner as a professional having both accounting and investigative skills generally required for inquiring financial offences or assisting the court as an expert witness.[x] Forensic Accountants are acquainted with sound understanding of financial statements, the capability to thoroughly assess them, having knowledge of frauds and scams along with the ability to control and examine the risks.[xi]
Expertise Required for Forensic Accounting.
Forensic accounting the forensic accountant is expected to hold expertise which is far broader than the one possessed by the financial accountant. A forensic accountant must be an expert in investigative skills and should be able to bust out various designs of frauds. Forensic accountants must be innovative in discovering various methods opted by the spurious for the commission and concealment of fraudulent transactions. They should have sound written and communication skills as they are required to precisely present the reports and results before the courts and other financial or administrative agencies.[xii] Forensic accountant should be smart enough to divulge important facts from people not cooperating during interviews.[xiii] Professional and ethical values along with technical, analytical, and accounting skills are important for forensic accountant.[xiv]
The results submitted by the forensic accountant after proper examination, inquiry and analysis of fraudulent transactions and scams should be lucid and supported with facts and proofs. Various financial institutions, insurance companies, banks and government departments like police, vigilance commission hire forensic accountants for investigation and inquiry. After the search, presentation in the form of reports along with important evidence and documents is made by the forensic accountants.[xv] Forensic accountants also aid in criminal trials by appearing as expert witnesses in courts. Therefore, it’s important that forensic accountants are familiar with legal studies including the procedures followed during investigations and trials. Forensic Accountants are engaged to quantify the economic damage occurred in cases of personal inquiry or losses suffered due to vehicular accidents or medical negligence. Forensic accountants are also engaged to compute claims under various insurance policies either by the insured or the insurance company.[xvi]
Exigency of Forensic Accounting Education
Due to the non-performance of audit work and failure of organization to perform efficiently there has been an abrupt rise of use and application in forensic accounting. It has been listed as the top 20 hot jobs in future.[xvii] The Global Economic Crime Survey, 2003 had revealed the relevance of forensic accounting in detection of scams and frauds.[xviii]
Study of forensic accounting amongst students develops important analytical, technical, documentation skills that help them to become successful auditors, tax professionals, forensic accountants. Imparting fraud education to graduating students equips them to effectively combat frauds and fraudulent transactions. Generally, universities offering financial auditing and accounting courses do not provide forensic accounting education. Including forensic accounting course in financial curriculum enables the students to enhance their knowledge, experience, and judgements pertaining to frauds. Forensic accounting helps them to assess the risks related to frauds, analyze the loss, and review the risk capabilities.[xix] Hence it is extremely imperative to incorporate Forensic accounting courses in financial accounting curriculum by educational institution offering the course.[xx] With slight modification in the existing financial accounting curriculum, the concepts and topics of forensic accounting can be easily taught to the students, building their skills required to be a successful professional.[xxi] Integration of forensic accounting with financial accounting curriculum can be another effective way of introducing the subject in educational institutions.[xxii] The role of forensic accountant includes the investigation of fraudulent transaction. Also, they appear before the court as expert witnesses. It is therefore important for forensic accountants to be familiar with laws and statutes related to fraud and corruptions. Imparting forensic education to the students of law as a separate course will provide necessary skills to recognize corruption practices and frauds.
Financial Scams in India
Satyam Scam 2006-20008
As per the reports submitted by SEBI, the scam was a clear case of fraudulent auditing transaction committed with the help of chartered accountants and auditors. It was revealed during the investigation that the founder and chairman of Satyam Corporations Mr. Ramalinga Raju had fudged the company’s account and has made a misstatement to the tune of 12,318 crore. He confessed to an accounting fraud worth of Rs. 7,000 crores to SEBI and stock exchange through mail. The company suffered heavily to the tune of 10,000 crore in market capitalization as the investors discarded the shares.[xxiii]
ABG Shipyard Scam 2016-2022
ABG Shipyard company was incorporated in the year 1985. It was one of the important companies in shipbuilding and repair business in India. It was situated in Surat at Dahej in Gujarat. As per the report submitted by the CBI, ABG Shipyard company and its directors were alleged to have cheated consortium of 28 banks headed by State Bank of India, to an extent of 23,000 crore. The company has been taking loans from banks since 2005. In the year 2019, a forensic audit was conducted by Ernst and Young. The investigation disclosed that the money taken as loan was deflected to other companies associated with ABG shipyard.[xxiv] Overseas subservient companies were making use of the loans for investments. The investigation carried out by the forensic accountants during the audit revealed that the money drawn through banks was not being utilized for the purpose availed for. Thus, there was a blatant violation of the agreement between the company and the banks. In this case the Enforcement Directorate has also initiated an independent money laundering probe against the ABG Shipyard.[xxv]
Nirav Modi Scam 2018-2020
The Punjab National (PNB)Scam is designated as one of the biggest frauds in the banking history of India. The scam pertains to the issuance of a Letter of Undertaking (LOU) worth Rs. 10,000 crores fraudulently by the corrupt officials of PNB. The bank issuing the LOU, takes an undertaking to repay the debt if in case the debtor fails to pay the same. The PNB in this case, had issued the LOU’s without any credit limit and securities. All the fraudulent transactions that were based on LOU’s were made through SWIFT network. The SWIFT system was not linked with CBS which enabled the culprits to make fraudulent transactions with unauthorized LOU’s without the fear of being busted. On January 2018, FIR was instituted by PNB against 3 diamond firms- Stellar Diamond, Solar Export and Diamond R Us. It was reported to the CBI that LOU’s worth rupees 2.8 billion was fraudulently issued by the PNB corrupt employees. Within a period of 5 months, the amount swelled to the tune of 14,000 crore. The entire scam was designed by Nirav Modi, the renowned diamond merchant in connivance with his other cronies. Before the scam was made public Nirav Modi along with his families fled from India. Property worth Rs. 2362 has been confiscated by the Enforcement Directorate so far.[xxvi]
Karvy Demat Scam 2019-2022
Karvy Stock Broking Limited (KSBL) company situated in India was engaged in rendering financial services like commodities trading, equity depository and wealth management services. It was established in 1983 and has its headquarters in Hyderabad. The Karvy Group had more than 800 offices in nearly 400 different cities and towns. It also has its offices branched outside India in United States, Dubai, Malaysia.[xxvii] A circular was promulgated by Security and Stock Exchange Board of India (SEBI) in June 2019 pertaining to the handling of client securities. As per the circular the brokers were disallowed to pawn the securities of the investors to seek loan for themselves. A deadline of September 2019 was set for the implementation of the circular. KSBL failed to execute the circular and hence complaints were filed by the investors to the SEBI. As a result, the National Stock Exchange (NSE) was called to investigate the matter. A thorough forensic Audit was mandated by the SEBI of the depository participant’s account. A probe into financial fraud was ordered by the Union Corporate Affair Ministry in January 2020. After elaborate investigation the NSE had designated KSBL as a defaulter for misappropriating nearly 1096 crore securities of clients to raise loans for its real estate Karvy Reality. As a result of this fraudulent transaction NSE had struck of KSBL membership from stock exchange. On November 2022 SEBI had outlawed KSBL from carrying on business.[xxviii]
Gain Bitcoin Scam 2021-2022
Despite stringent regulation of cryptocurrency and extreme admiration and acceptance of crypto trading in our country, users are still exposed to and are victims of crypto scams. Reports furnished by Cloud SEK has revealed that a new scam has defrauded around 1 lakhs client and have caused a trillion loss.[xxix] Recently nearly 40 FIR’s have been registered throughout the country reporting loss of hard-earned money in Gain Bitcoin Scam. Gain Bitcoin was a multi-level marketing project which had its team operating in India as well as abroad. The investors were lured by a promise of 10% monthly return on bitcoin deposits. With a hope to get their investment increased exponentially during the period of 18 months, clients started to supply bitcoins to the corporation. The investigation carried out by the Enforcement Directorate (ED) revealed that approximately 80,000 bitcoins have been fraudulently gathered as proceeds of crime.
Laws and Policies Guaranteeing Prevention and Control of Financial Crimes in India
To check and prevent financial frauds and scams, the Indian legislatures have promulgated various laws.
Relevant Provisions under Indian Penal Code 1860
Section 405 of Indian Penal Code (IPC) 1860 defines Breach of Trust. As per the said provision if a person who is entrusted with the keeping of goods, valuables or property, maliciously embezzles the same in contradiction to any law or an agreement in contract, directing modus operandi for the disposal of property is said to have committed breach of trust.[xxx] The maximum punishment extends to the imprisonment of 3 years or fine or both[xxxi] Section 409 highlights the provision for the criminal breach of trust perpetrated by the merchant, public servant, banker, or agent. The punishment is enhanced to life imprisonment or a period that may be extended to 10 years and the accused is made to pay the fine.[xxxii]
Section 415 defines cheating as an act of a person who by deceiving another, fraudulently or dishonestly persuades such a person to transfer any property to any person or convinces the duped person to either act or refrain and such commission or omission has a tendency of causing harm to the mind, body, and property of deceived person is said to have committed cheating.[xxxiii] Cheating is punished with an imprisonment of 1 year or fine or both.[xxxiv] Section 416 defines cheating by personification. When a person misrepresents himself as someone else or knowingly substitutes one person with that of another and deceives therefore causing harm to the mind, body, reputation, property is said to have cheated by personification.[xxxv]
The punishment for cheating is enhanced to 3 years if in case it is committed by an accused against a person whose interest the accused is bound to protect and preserve.[xxxvi] An imprisonment of 7 years and fine is awarded to the culprit who by his act of cheating fraudulently induces the victim to transfer property to a third party, as well as to alter, destroy, or otherwise dispose of anything that has been signed and sealed and has the potential to become a valuable security.[xxxvii] Forgery committed for fraudulent purposes is defined in Section 468. Forgery includes furnishing false documents, and signatures. Any person who commits forgery by using forged documents and electronic record to cheat is liable for punishment.[xxxviii]
Information Technology Act 2000
According to Section 66C of the Act, anybody found guilty of illegally exploiting another person’s password, electronic signature, or distinctive identification number faces a 3-year prison sentence as well as a fine that could reach one lakh.[xxxix] The maximum sentence for using personation to commit fraud is three years in prison and a fine of at least one lakh rupees.[xl] Anyone who steals, destroys, or induces someone else to obtain, hide, or change a computer password or source code with the intent to do harm is responsible for paying the victim compensation.[xli]
Negligence and failure of maintaining reasonable securities on the part of corporate body, holding sensitive information in computer resource controlled and managed by it, therefore causing wrongful loss to any person, makes such corporation body liable to pay for the damages caused by the dereliction of duty to protect the data of clients.[xlii] A person who is a party to a contract and therefore have access to certain sensitive information pertaining to other person, maliciously causes wrongful loss or gain by disclosure of such personal information without the consent, is liable for the punishment for wrongful disclosure of information in breach of trust[xliii] When a person fraudulently for unlawful purposes publishes, makes available an electronic signature certificate, and thereby causes financial loss is sentenced to two years or fine.[xliv]
The Companies Act, 2013
Fraud related to investment and finance are quite prevalent these days. When an offender makes any fallacious or deceiving statements with an intention to persuade the clients to invest is liable for punishment.[xlv] The quantum of liability mentioned is imprisonment up to 10 years and fine.[xlvi]
If a person deliberately makes any untrue statements related to any certificate, prospects, return report, financial statements thereby causing financial loss to the clients is liable as per section 447.[xlvii]
The Prevention of Corruption Act 1988
If a public servant is found to have accepted any valuables without or with inadequate consideration from a person associated with a proceeding carried on by such public servant, he faces a fine and a sentence that may last up to five years.[xlviii] If a public employee receives anything in exchange for his or her services other than the lawful compensation or maliciously misappropriates property entrusted on him for his own use or illegally procures monetary advantage is said to have committed criminal misconduct.
The Prevention of Money Laundering Act, 2002
The law was promulgated with an intention to prevent and control money laundering. The act stipulates the seizure of property deduced from or associated with money laundering. Where a person is found to have direct or indirect involvement or deliberately indulges in any proceeds of crime including acquisition, possession, and projects such property to be untainted is culpable for money laundering.[xlix] For an offence of money laundering a person is liable with harsh punishment that might last up to 7 years in prison and a fine.[l]
The Harshad Mehta scam in India of 1992 had devasted the entire economy and the stock exchange market. It exposed the lacunae that were prevalent in the banking sector. This incident demanded for various reforms to check frauds occurring in future.[li] Today we have plethora of legislation, but we have failed to implement it in true spirit. With the Indian judicial system overburdened with innumerable of civil and criminal cases, an internal inquiry enabling the company to examine the case with the help of forensic investigation can be of great help. Use of advanced technology like artificial intelligence (AI), and data analytics (DA) machine learning (ML), can be made to identify scams and frauds.
In India there are various authorities to counter fraudulent transactions and malpractices. The economic offence wing of CBI investigates matters related to financial frauds and scams, also the Central Vigilance Commission combats corruption practices.[lii]
Serious Frauds Investigation Office
A serious fraud investigation office (SFIO) has been constituted in accordance with the Companies Act of 2013. It is a multidisciplinary department functioning under the Ministry of Affairs. The purpose and the function of SFIO is the detection, examination, inquiry and prosecution of fraudulent transactions and corrupt practices including white collar crimes. For the investigation of frauds, SFIO has experts in various domains like information technology, forensic accounting, banking, capital market. SFOI inquires the matter of companies only when it is directed by the Government.[liii]
Conclusion
The cases of financial frauds, scams, and corruption are exponentially in surge in almost all the parts of the country. This has resulted in the growth of forensic accounting against financial scams. Dearth of skills resulting in inability of financial auditors in identifying and preventing scams has led to the devastation of the country’s economy therefore flourishing frauds and scams in banking institutions. In India the profession of forensic accounting is still to achieve acceptance and importance. KPMG the global foundation of professional services has recently constituted its first forensic and investigative operation sector in India. Dr. N.L. Mitra committee recruited by the Reserve Bank of India has emphasized on establishing an exclusive department for enquiring frauds, scams, and financial crimes. Even the Lian Parekh committee appointed in 2010 to review the present schemes and recommend with respect to investment framework and financing infrastructure has reiterated the emphasis on having separate body for the investigation of financial scams and frauds.
The rise in investment offences has necessitated the demand for the forensic accountants throughout the world. There is a lack of expert for examining digital evidence and statements. Because of repeated blows on the financial structures, the entire country is agonized. In a situation where there is dearth of faith, people fear to trust others, such an environment hampers the economy of the country and retards its growth.
Suggestions
Based on the above conclusion the following suggestions are proposed by the authors-
There is an immediate need to revisit section 17 of the Indian Contract Act of 1872 that defines the term fraud. As per the definition provided, fraud is merely a civil wrong. Given the nature and consequence of financial frauds it cannot be simply considered as contractual wrong. Therefore, it is the appropriate time to recognize financial frauds as an offence and criminalize it. Absence of financial frauds from the Indian Penal Code is neither acceptable nor justifiable.
Investment frauds with the funds of the public is an issue that requires immediate action and strict compliance. Most of the bank frauds occur due to the bank employee’s and connivance with the accused. Lack of advanced techniques and expertise to identify the lapse also attributes to investment frauds. Such a situation can be easily overcome through preventive approach by keeping a check on the employees and prohibitive approach by strongly dealing with such incidents of frauds.[liv]
For the examination of financial frauds, experts with special professional training having expertise in investment systems, knowledge of financial and legal structure, and experience in finance and market system are required. Therefore, it is highly recommended that investigations of fraudulent transactions should be done by forensic accountants who are equipped and trained to bust out various designs of fraud.
It is also recommended that the cases related to financial frauds and scams must be tried by special courts so that there is fast track redressal mechanism for investment crimes.
The judges hearing cases of financial fraud should be trained to have information and knowledge of economic system finance, and market operations. The role of forensic accountant is very important as they assist the courts as expert witnesses and help the judges in understanding the fraudulent transactions.
Financial accountant curriculum offered by educational institutions must also include forensic accounting courses. It is important that the topics and concept of forensic accounting are taught to students so that they are skilled and trained to be successful professionals.
Author(s):
Bharti Nair Khan, Assistant Professor, School of Law, University of Petroleum and Energy Studies, Dehradun.
References:
[i] RBI annual report, FY22 saw more bank frauds but value decreased by half, BUSINESS STANDARD, (May 27, 2022, 11:49 PM), https://www.business-standard.com/article/finance/rbi-annual-report-fy22-saw-more-bank-frauds-but-value-decreased-by-half-122052700468_1.html.
[ii] ACFE Report to the Nations, 2020 Global Fraud Study, 2020 ACFE, (2020), https://legacy.acfe.com/report-to-the-nations/2020/.
[iii] McLeod, F. & Duthie, T., Serious Economic Crime and the Use of Forensic Accounting, 6 INTERNATIONAL IN-HOUSE COUNSEL JOURNAL 1, 5 (2012).
[iv] Gangwani, M., Suitability of Forensic Accounting in Uncovering Bank Frauds in India: An Opinion Survey, 28 JOURNAL FINANCIAL CRIME 284, 291 (2020).
[v] Dhar, P. & Sarkar, A., Forensic accounting: An Accountant’s Vision, VIDYASAGAR UNIVERSITY JOURNAL OF COMMERCE 89, 97 (2010).
[vi] Ibid. at 99.
[vii] Smith, G. S., The Past, Present, and Future of Forensic Accounting, 85(3) The CPA JOURNAL 16 (2015).
[viii] Professional Standards, Forensic and Valuation Services Professional Standards, AICPA (Jul. 1, 2019, 10:30 AM), https://us.aicpa.org/interestareas/forensicandvaluation/resources/standards.
[ix] ABFA Home Page – American Board of Forensic Accounting, AMERICAN BOARD OF FORENSIC ACCOUNTING (May 3,2016, 10:00 AM), www.ABFA-Brochure-v3.pdf.
[x] ACFE Report to the Nations: 2020 Global Fraud Study, ACFE (2020), https://legacy.acfe.com/report-to-the-nations/2020/.
[xi] Ramaswamy, V., Corporate Governance and the Forensic Accountant, CPA Journal 68-70 (2005).
[xii] Harris, C.K., & Brown, A.M., The Qualities of a Forensic Accountant, 71(1) PENNSYLVANIA CPA JOURNAL 2-3 (2000).
[xiii] Messmer, M., Exploring Options in Forensic Accounting, 5(3) NATIONAL PUBLIC ACCOUNTANT 19-20 (2004).
[xiv] Salleh, K., & Ab. Aziz, R., Traits, Skills and Ethical Values of Public Sector Forensic Accountants: An Empirical Investigation 145 PROCEDIA-SOCIAL AND BEHAVIORAL SCIENCES 361, 366 (2014).
[xv] Supra Note 5.
[xvi] Ibid.at 99.
[xvii] Catherine Valenti, Forensic Accounting Is Hot Job, ABC NEWS (Apr. 4, 2002), https://abcnews.go.com/Business/forensic-accounting-hot-job/story?id=87225.
[xviii] The Global Economic Crime Survey, PRICEWATERHOUSECOOPERS FORENSIC SERVICES (Nov. 2009) https://www.pwc.com/gx/en/economic-crime-survey/pdf/global-economic-crime-survey-2009.pdf.
[xix] Carpenter, T. D., et. al., The Incremental Benefits of a Forensic Accounting Course on Skepticism and Fraud-Related Judgements, 26(1) ISSUES IN ACCOUNTING EDUCATION 1, 20-21 (2011).
[xx] Luke, O. O., Application of Forensic Accounting: A Tool for Confidence in Auditors’ Report 4(17) RESEARCH JOURNAL OF FINANCE AND ACCOUNTING 105, 108 (2013).
[xxi] Corkern, S.M., et. al., Embracing the Future: What Can Accounting Graduates Expect? 6(5) AMERICAN JOURNAL OF BUSINESS EDUCATION (AJBE) 531,536 (2013).
[xxii] Sofianti, S.P.D., et. al., The Perception of the Practitioners and Students towards the subject of Forensic Accounting and Fraud Examination 17(2) JOURNAL OF ECONOMICS, BUSINESS & ACCOUNTANCY VENTURA 281, 284 (2014).
[xxiii] Satyam scam: All you need to know about India’s biggest accounting fraud, HINDUSTAN TIMES (Apr. 9, 2015) https://www.hindustantimes.com/business/satyam-scam-all-you-need-to-know-about-india-s-biggest-accounting-fraud/story-YTfHTZy9K6NvsW8PxIEEYL.html.
[xxiv] Sriram Srinivas, Explained How did the ABG Shipyard Fraud happen? THE HINDU (Feb. 20, 2022) https://www.thehindu.com/news/national/explained-how-did-the-abg-shipyard-fraud-happen/article65065544.ece.
[xxv] Sriram Srinivas, ABG Shipyard: All You Need to Know About ₹ 23,000 Crore Loan Scam NDTV (Feb. 18, 2022) https://www.ndtv.com/india-news/abg-shipyard-all-you-need-to-know-about-rs-23-000-crore-loan-scam-2775376.
[xxvi] PNB Scam, BUSINESS STANDARD (Sep. 14. 2020,8:45 PM) https://www.business-standard.com/about/what-is-pnb-scam.
[xxvii] Explained: What is the case against Karvy Broking Limited? What next for its clients? THE INDIAN EXPRESS, (Dec. 1, 2020) https://indianexpress.com/article/explained/explained-with-karvy-expelled-from-exchange-what-happens-to-its-clients-7064258/
[xxviii] Swati Bharadwaj & Partha Sinha, Karvy Demat Scam: here’s how the scam played out THE TIMES OF INDIA (Aug. 20, 2021) https://timesofindia.indiatimes.com/city/hyderabad/karvy-scam-heres-how-it-unfolded/articleshow/85471866.cms.
[xxix] Crypto scammers have reportedly stolen ₹1000 crore off Indian users by posing as fake exchanges BUSINESS INSIDER (Jun. 21, 2022) https://www.businessinsider.in/cryptocurrency/news/indian-investors-may-have-lost-almost-1000-crore-in-crypto-scam-according-to-a-new-report/articleshow/92358876.cms#:~:text=as%20fake%20exchanges-,Crypto%20scammers%20have%20reportedly%20stolen%20%E2%82%B91000%20crore%20off,by%20posing%20as%20fake%20exchanges&text=The%20CoinEgg%20scam%20uses%20fake,could%20help%20with%20the%20scam
[xxx] Indian Penal Code 1860, Act No.45 of 1860, s. 405.
[xxxi] Id. s. 406.
[xxxii] Id. s. 409.
[xxxiii] Id. s. 415.
[xxxiv] Id. s. 417.
[xxxv] Id. s. 416.
[xxxvi] Id. s. 418.
[xxxvii] Id. s. 420.
[xxxviii] Id. s. 468.
[xxxix] The Information Technology Act 2000, Act No. 21 of 2000, s. 66 C.
[xl] Id. s. 66 D.
[xli] Id. s. 43.
[xlii] Id. s. 43A.
[xliii] Id. s. 72 A.
[xliv] Id. s. 74.
[xlv] The Companies Act 2013, Act No. 18 of 2013, s. 36.
[xlvi] Id. s. 447.
[xlvii] Id. s. 448.
[xlviii] The Prevention of Corruption Act, 1988, Act No. 49 of 1988, s. 11.
[xlix] Id. s. 3.
[l] Id. s. 4.
[li] Harshad S. Mehta & Ors. v. State of Maharashtra (1996) Cr. App. 319-320.
[lii] Supra Note 4.
[liii] SERIOUS FRAUD INVESTIGATIVE OFFICE, https://sfio.gov.in/en/.
[liv] Aggarwal, M., & Singh, G. Training in Forensic Audit in the Banking Sector: A Status Report of Banks in Chandigarh 5(2) GIAN JYOTI E-JOURNAL 1,11 (2015).
