‘Billions of dollars are lost every year due to fraud related activities. Financial fraud and the then consequent bankruptcy of a business was one of the reasons for the global financial crisis and usually it is an extremely costly event. Downturn in financial and economic conditions has triggered a jump in the fraudulent activity in the corporate world’ thus opined Dr. Kuldeep Kumar, Professor of Economics, Bond University, Australia, in his keynote address on the topic “Fraud, Corruption and Bribery: How to prevent and how to detect?” at the Inaugural Session.
Further, Dr. Kumar said ‘much of the rhetoric from India's current electoral campaigns has focused on corruption. It may be mentioned that UGC has asked all universities to include 'fight against corruption' as a subject in their curriculum and also for carrying out the research work in higher education institutions’.
In his talk, Dr. Kumar briefly discussed why people commit fraud, using fraud triangle theory; and shared the techniques and tools used in preventing and detecting fraud based on our cutting edge research. The talk also focused on impact of fraud on economic activities like FDI, stock market and GDP taking examples of some case presentations.
Dr. Ullas Rao, Conference Chair, introduced the conference theme and the importance for the current economic status of India. The conference has witnessed participation from India and other countries including, Australia, Dubai, Ethiopia, France, Bangladesh, Iran and Israel. 74 papers on the conference theme and sub-themes will be presented during this 2-Day International Conference. Four technical sessions by eminent personalities from corporate and academia will be part of this conference deliberation.
Mr. R. Venkatanarayanan, President-HR, IT & Education, Rane Group, India, delivered the first technical session. Earlier, Dr. N.R. Parasuraman, Director of the Institute welcomed the gathering.