Weekly Current Affairs

India among top 3 regions in corruption-linked fraud [Internal Security]

  • The Global Fraud Report 2015-16 by risk mitigation consultancy Kroll, with the aid of the Economist Intelligence Unit, found that the perceived prevalence of fraud in India is the third-highest among all countries and regions surveyed across six continents.
  • Only Colombia (83 per cent) and Sub-Saharan Africa (84 per cent) surpass India.
  • The report’s authors observed that while the incidence of fraud was on the rise globally, a combination of a lack of preventive measures at Indian companies and a poor legal system had resulted in 92 per cent of the respondents saying they had witnessed an increase in exposure to fraud.
  • Only 11 % of companies reported corruption & bribery, source of revenue loss.