Alarming scale of corporate frauds needs to be checked: Umranikar

PUNE: Former director general of police (Maharashtra), Jayant Umranikar on Friday noted that corporate frauds were on the rise in the country and such was the alarming scale that this sector had become more corrupt than any other sector.

He said, the police force and various investigating and enforcement agencies felt handicapped while investigating these crimes due to the sophisticated use of cyber technologies. The fraudsters were using sophisticated systems and technology to commit these frauds, to escape detection and investigation, he noted.

“After I retired from the police department, I became a consultant in the private sector and I realized that they (corporate sector) are more corrupt than anyone else,” Umranikar said during the release of his book ‘A Practical Guide to Prevention, Detection and investigation of Corporate Frauds’. The book has been co-authored by Avinash Mokashi, former police inspector and corporate consultant and Chintan Mokashi, ex-assistant general manager, National Bank for Agriculture and Rural Development.

It was ceremoniously released by Rajendra Hiremath, chairman, Synergy Infrasys Management Pvt. Ltd. and Madhav Pol, chartered accountant, at the Bhahu Institute, College of Engineering Pune on Friday.

Umranikar, who retired as one of the senior-most IPS officers in the country, said developing skills to investigate corporate frauds has become vitally important along with understanding how to detect, prevent and investigate these frauds.

The effort behind the book was to come up with solutions rather than focus on the problems, he said, adding, “It is a solution-oriented book which gives live examples of corporate frauds, which will enlighten on how to track and investigate them.”.

Avinash Mokashi recalled that they thought of working on the book some years ago when prime minister Narendra Modi and President Ramnath Kovind expressed concern about the involvement of chartered accountant firms and multinational firms in corporate frauds. Multinational accounting firms were involved in a number of corporate frauds, he noted.

Umranikar pointed out that businessmen who committed large scale frauds were essentially playing with public money. “It’s high time we realize that it is our money and high time to pay much more attention to corporate crimes,” he said.

Eom/Dheeraj/av

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