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Fraught by frauds The recent high profile fraud cases in our banking sector have deeply jolted all the stakeholders and have once again highlighted the vulnerability of our banks, specially while dealing with corporate loans and celebrity industrialists who manipulate the banking system by conveniently bypassing protective mechanisms. Successful economies minimise corruption, embezzlement and frauds which are characteristics existing everywhere but unfortunately for us, the instances of banking frauds which are a silent killer of our economy only seem to be on the rise as a result of corruption, inefficient regulations, lack of oversight, business pressures to meet unreasonable targets, lack of tools to identify potential red flags and collusion between employees and external parties. Whether it’s issuance of fake LoUs by two junior employees (as in case of PNB) or conflict of interest on the part of CEO ICICI Bank, it’s amply clear that our banking industry is confronted with deep internal threat wherein anyone from a CEO to lower level employees can manipulate and defraud their bank while both internal and external auditors look the other way. Such high profile frauds , scams and wilful defaults have a detrimental impact on the economy and ease of doing business, employees morale and investors' confidence. Indian banking has always been a soft target for fraudsters and in recent years the frequeny, volumes and gravity of frauds and wilful defaults have only seen a rise. We as a developing nation cannot afford such setbacks and need to get our act together. Fraud risk management needs to be given utmost importance and diligence in order to prevent and detect fraudulent activities thereby limiting the losses incurred. The banks need to be more agile and think ahead of the fraudsters. A comprehensive and effective anti frauds programme comprising preventive, detective and responsive mechanism can enable banks to identify weaknesses inherent to their processes and identify new threats. Over the years, frauds and scams in this sector have become more sophisticated and hence, their redressal is a major concern. Banks need to make themselves secure, become vigilant and build resilience in order to beat fraudsters in this cat and mouse chase. It is important for banks and financial institutions to understand that fraud investigations require specific skills like forensic accounting and technology to collect adequate evidence which needs to be relevant and comprehensive to be admissible in a Court of Law. Other important aspects like source of evidence, legitimate witness, electronic evidence can add credibility to the case. If these are not in line with legal requirements, the organisations will not have confidence to take legal recourse against the fraudster which can also be the reason why many banks may not be reporting all their cases to law enforcement agencies.
Good days or 'Ache Din' seem to be just around the corner for at least public servants as government is planning amendments in the existing POCA 1988, for the simple reason that POCA in the existing form is creating a fear psychosis amongst top government officials and fear of penal actions (even for honest decisions ) as provided for in POCA acts as a deterrent to effective functioning of officials . Also, according to the ruling government , POCA has only ended up as being a tool for bringing elected governments to a standstill and is a big obstacle in the ease of doing business . This proposal to amend POCA attempts to allay fear amongst public servants and sounds similar to speeches made by former PM and FM . However, one cannot help but wonder as to what has created this sudden urgency to amend POCA which has been cornerstone of the fight against corruption in India and allowed prosecution of senior government functionaries in 2G spectrum and coal scams? Though the proposal seeks to differentiate between cases of intended corruption and erroneous acts in the line of duty , it's dilution may weaken the fight against corruption. It may go either ways and may shelter the corrupt . Watered down version may be used favourably by scamsters who will suddenly feel empowered because even with the right laws , the list of failures in controlling corruption in our country is much longer than successes . The Nation's mood is grim in the wake of large scale scams in banking sector and the government, instead of showing zero tolerance towards scams and scamsters, talks about diluting anti corruption laws which only seems to be an attempt to protect their own in the close knit 'Neta Babu Nexus'. Are we ready or can we even take a chance with the kid glove approach to graft , knowing how deep rooted corruption is in India? When other criminal acts are becoming Harsher and stricter , government's intent to scale down version of POCA 1988 casts a shadow on its real intent of reigning in corruption. Equipped with thorough and deep understanding of POCA1988, KMLawassociates successfully defends those who are falsely implicated under the provisions of POCA in Delhi District courts, Delhi High Court and NCR.
KMLawassociates is the top law firm in Delhi with a high specialization in corporate law.As the best corporate law firm in Delhi and NCR , we offer effective services by amalgamating broad knowledge of corporate law matters with expertise in key sub disciplines. KMLawassociates, the most successful corporate law firm in Delhi has full time advocates with a gamut of comprehensive experience in corporate law.The practice is built on a commitment to quality service , sound advice and value addition.
KMLawassociates is a niche top corporate law firm in Delhi for all commercial legal matters.Our expert legal team has unwavering commitment to achieve our clients' objective. KMLawassociates provides representation and advice from professional business attorneys to protect our clients' interests . Dedication towards developing and implementing effective litigation strategies makes KMLAWASSOCIATES the best and most successful law firm in Delhi NCR.
KMLAWASSOCIATES , located in Dwarka, is the most trusted law firm for money recovery suits in New Delhi and is professionally managed. We derive our strength from our long and successful experience and training. KMLAWASSOCIATES is committed to providing most effective and practical legal as well as commercial solutions in Delhi NCR. We have a niche expertise in money recovery suits and have successfully recovered money for a large number of clients whose salary dues were unpaid. Whether it's money lent to family/friends in good faith or money paid for goods/services not delivered, our advocates will recover it .
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