Unveiling the Global and Indian Landscape of Fraud: Investigating Financial, Geopolitical, and  Ecological Consequences and Countermeasures

Ashish  Saxena; Zubia Akhtar  Shaikh; Manish  Verma

doi:10.21844/crr.v1i02.1115

Ashish Saxena Assistant Professor,, Sharda School of Business Studies ,Sharda university ,Delhi NCR, India
Zubia Akhtar Shaikh Research Scholar, School of Business Studies , Sharda university , Delhi NCR, India
Manish Verma 3Associate Professor, MIE SPPU Qatar

DOI: https://doi.org/10.21844/crr.v1i02.1115

Keywords: Financial fraud, corporate scandals, Forensic accounting, Misappropriation of assets

Abstract

This article examines the global and Indian landscape of fraud, with a focus on financial statement fraud and its implications. Real-life cases, including the Enron scandal, the Bernie Madoff Ponzi scheme, and the Nirav Modi-PNB fraud case, demonstrate the magnitude and impact of fraud. Financial statement fraud, involving deceitful practices in financial reporting, can lead to severe consequences such as bankruptcy, job losses, and a loss of trust in corporate governance. Fraud also has geopolitical implications, undermining confidence in financial markets and triggering discussions on corporate governance reform. Additionally, fraud can have ecological consequences, particularly through greenwashing practices. To combat fraud effectively, strategies such as strengthening regulatory frameworks, enhancing corporate governance practices, and investing in advanced technologies for fraud detection and prevention are crucial. Fostering a strong ethical culture and implementing robust risk management frameworks are also essential in mitigating fraud risks. By addressing fraud, societies can protect their economies, promote transparency, and encourage sustainable and ethical practices.