Corporate frauds to rise in next 2 years: Deloitte-IOD
The Hindu
Study cites pandemic induced pressure
Corporate fraud cases will rise in the next two years because of COVID-19 related pressures, 63% of independent directors (IDs) said in a survey.
This is because COVID-19 has significantly disrupted business environments, leading to change in business models, cash flow crunch, and remote working environment, which have exposed organisation and individuals to increased fraud-related vulnerabilities, the survey by Deloitte Touche Tohmatsu India LLP (DTTILLP), in association with the Institute of Directors (IOD), revealed.
Cybercrimes (23. 90%), financial statement fraud including incorrect business valuations (20.96%) and leak of sensitive information (12.87%) are the most likely fraud schemes to be experienced in the near future, according to the findings.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.