We Indians keep lamenting about the politicians and their corruption. Because they are the easy target. The truth is that even the businesses are as bad.
It now comes to light that outside of Africa, India has the highest Corporate frauds in the world!
Fraud risks in India remain above the global average and, outside Africa (77 per cent), the country has seen the highest number of companies affected by frauds at 68 per cent, followed by China and Indonesia at 65 per cent, compared to the global average of 61 per cent, said Kroll’s ‘Global Fraud Report’ released here today.
Theft of physical assets or stock was the most frequent (27 per cent) type of fraud reported.
Most of the companies don’t think twice before weakening their Internal Controls due to budgetary constraints. Well, basically the Lala doesn’t want to spend that extra money in systems!