ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

FraudSubscribe to Fraud

Pandora Papers and Illicit Financial Flows

The revelations of Pandora and other papers indicating extensive use by Indian entities of the international financial system and offshore corporate structures fit in well with the empirical findings of this article that large scale illicit financial flows have taken place through trade misinvoicing in India’s trade with 19 countries over 2000–18. This article highlights that India is a net recipient of illicit flows, whose actual scale would be higher if commodity level trade data is used in estimating trade misinvoicing.

PNB Fraud: How Do Banks Manage Operational Risk?

The Punjab National Bank fraud has brought attention back to how banks manage operational risk. There is a need to investigate what procedures were undermined, and how a few employees in connivance with clients could take control of such large amounts of money for such a long time without raising any red flags.

Growing Fraud in Government

Fraud, waste and corruption are alarmingly on the increase. Yet there is nothing in the Activity Report of the Comptroller and Auditor General (CAG) to show if the CAG is even aware of this. No agency of government has the ringside view of the rottenness of the management of government finances. But like the good monkey, the CAG keeps his eyes and ears shut.
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