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Real estate and infrastructure sectors are considered most vulnerable to fraud related incidences, a survey has found.
Indian corporate frauds have shot up by over 45 per cent in the last two years due to weakness in internal controls, scarcity of resources at disposal and over-riding powers of the senior management, according to an Assocham-Grant Thorton study released on Wednesday.
While real estate and infrastructure sector (52 per cent) are considered to be the most vulnerable to fraud related incidences, the survey adds that it is followed by financial services (34 per cent), telecom (5 per cent), manufacturing (3 per cent), electronics and IT/ ITeS (2 per cent), hospitality and tourism (2 per cent).
Around 71 per cent of respondents said that incidents of fraud would continue to rise over the next five years, and highlighted bribery and corruption, and regulatory non-compliance as the top frauds they had experienced in the past two years.
According to RBI reports, during the period 2012-13, 29,653 cases of fraud were detected in India’s nationalised banks, totalling ₹24, 828 crore.
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