Photographs: Vivek Prakash/Reuters
KPMG, one of the largest professional services companies in the world and one of the big four auditors, surveyed 293 CXOs from Indian and multinational companies with presence in India to find how fraud has grown.
Let's take a look at how fraud has grown in the country.
The term may be used to refer to a chief executive, a chief operating officer, a chief financial officer, or a chief technology officer.
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How fraud has grown in India over the years
Image: A man constructs a temporary tent in Mumbai.Photographs: Danish Siddiqui/Reuters
Value of fraud
Average value of fraud loss reported by respondents:
Year 2006: Not quantifiable
Year 2008: Less than Rs 1 lakh
Year 2010: Between Rs 10 lakh to Rs 1 crore
Year 2012: Rs 1 crore
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How fraud has grown in India over the years
Image: An employee cleans the floor inside a shopping mall in Mumbai.Photographs: Danish Siddiqui/Reuters
Perpetrators
Year 2006: Employees, (employee plus supplier)
Year 2008: Employees (mainly senior management)
Year 2010: Employees (senior and junior management)
Year 2012: Vendors/agents
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How fraud has grown in India over the years
Image: A boy plays on a giant trampoline in Mumbai.Photographs: Ahmad Masood/Reuters
Sophistication of fraud:
Year 2006: Expense account fraud, forgery
Year 2008: Kickbacks, theft of intangible assets
Year 2010: Bribery and corruption, sales fraud
Year 2012: E-commerce/Internet-related frauds, bribery and corruption
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How fraud has grown in India over the years
Image: Vendors hold bags of cotton candy for sale as they look for customers in New Delhi.Photographs: Ahmad Masood/Reuters
Frauds of the future:
Cyber crime
Identity theft
Counterfeiting and piracy
Intellectual property theft
Bribery and corruption
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How fraud has grown in India over the years
Image: A balloon seller takes a nap in Delhi.Photographs: Mansi Thapliyal/Reuters
Vulnerable sectors:
Financial services
Information and entertainment
Telecom
Real estate and infrastructure
Industrial markets
Consumer markets
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