The Corporate Sector and Fraud Investigations!
- July 16, 2020
- Posted by: Raghav
- Category: Investigations
At present, instances of fraud within the corporate sector are on the rise. It is an ever growing serious issue that causes a lot of concern and poses massive problems. In many cases, corporate fraud can go on for years, totally unnoticed. On a large scale where the numbers involved are quite greater it makes the task of fraudsters easier, being capable of covering up their tracks with tax evasion, money laundering and also cooked up financial reports. In instances like this you will need to hire a fraud investigator to set the records straight.
Who is a fraud investigator?
A fraud investigator is a trained individual who will take up the task of fraud investigation after the potential fraud has been reported to the higher authorities and when a higher executive notices that financial records are not matching up. As the investigation starts, it is not possible to say how long things will take, but in an overwhelming number of cases, the perpetrators of fraud have been brought to book. In some cases of fraud the numbers can go into millions and this means that the fraudsters can go to prison for a very long time. Fraud in the corporate sector can affect the fraudsters as well as innocent persons who end up being the victims.
What happens during fraud investigation?
All fraud investigations in India are handled differently because there are many factors to consider like the location, the company, the scale of fraud, and many other elements. Corporate fraud investigations try to establish what the people know till date and how they know it. Fraud investigation needs to prove that there is something amiss and then work upon the findings. Fraud investigators and the owners of the company establish a common working ground and then things are carried forward.
All records, electronic data and financial reports are made available to the investigators so that they can work impartially. Fraud investigators in India often have to back track in a chronological manner to establish the veracity of records provided by the company. Missing documents, recent financial losses and unexplained financial records are scrutinized and the investigator has to thoroughly analyze each set of evidence before he can arrive at the larger picture.
When an organization hire fraud investigators it means that the fraud has already take place on the premises. This can in a way work to the advantage of the company. With the fraud investigators’ help they can work together to catch the perpetrators of the fraud. After the fraud has been uncovered and established, the company or the organization can actively see to it that there will be no future instances of fraud. This is done by plugging all the loopholes and ensuring that security and vigilance are stepped up within the workplace. This can be a bit unnerving for honest and dedicated employees but that is a collateral damage that comes with fraud investigations and this cannot really be helped. At the end of the day, creating a happy and positive workplace will gain trust and make the employees respect you more.
Fraud investigation is a very sensitive and critical affair for any business, engaging experts like Netrika to do the job makes sense.