Radical changes needed to counter white-collar crime in India: EY

Mounting cases of white-collar crime have impacted businesses adversely, and subsequently led to an increase in anti-fraud fighting professionals in India. To recognize their potential, EY Fraud Investigation and Dispute Services and Association of Certified Fraud Examiners (ACFE) Western Region Chapter announced the winner of the ‘Forensic Trailblazer Award’, for excellence in forensic investigations. In addition, a white paper on The changing dynamics of white-collar crime in India was launched.

An independent judging panel comprising Mr. Sanjeev Dayal, former Director-General of Police, Maharashtra and former Director-General at Anti-Corruption Bureau, Justice S.P. Kurdukar, former judge at Supreme Court of India and Mr. Pradeep Kadu, Joint Commissioner, Sales Tax, Maharashtra led the selection process among participating candidates. The winner will go to ACFE’s Fraud Conference in Singapore and get one week of forensic technology training at EY.

Arpinder Singh, Partner and National Leader, Fraud Investigation & Dispute Services, EY said, “The cost and impact of white-collar crime has proved steep, and is increasing in magnitude, incidence and intricacy. Mitigating these risks will require sweeping changes at a macro as well as micro level, and also involve the expertise of anti-fraud or forensic specialists to deter current and future threats. With this in mind, the Forensic Trailblazer Award was designed to recognize the most promising forensic talent and their contribution, and I wish the winner all the best.”

“Increased public awareness, changing mind-set and technological disruption has created a challenging environment. As fraudsters attempt to break ethical and regulatory barriers; corporates, government and the society at large need to join forces with the mutual objective of curbing white-collar crime. This will spur economic growth, improve investor confidence and build a better future.” adds Satish Mathur, Director General of Police, Maharashtra.

The exposure to the risks of white-collar crime has augmented the vulnerabilities associated with it. EY’s white paper, The changing dynamics of white-collar crime in India, unravels the impact of white-collar crime and the need to undertake drastic changes with respect to technology, transparency, ethical frameworks and strengthening the compliance ecosystem. The future of investigations will also be redefined by ramping up skill-sets and creation of a wider pool of anti-fraud or forensic professionals. Initiatives like the Forensic Trailblazer Award are expected to provide an impetus to combatting white-collar crime, and the demand for such professionals will increase significantly going forward.

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