Due to a conference on financial frauds in Sangrila hotel starting 10 am, could not stick to morning program. Had to leave home at 8.30 am for the venue. The conference was organized by the Association of chambers of commerce and industry (Assocham). The subjects were : 1.Emerging Financial fraud risk - areas, legislation, policy and governance. 2. Steps taken by regulators and new directives issued to counter the increasing risks. 3. Fraud detection using forensic and other analytics etc. It was quite refreshing to know the new techniques used in detection of frauds. Shri K. C. Chakrabarty, Deputy Governor Reserve Bank of India, the Chief guest, narrated some of the frauds of the 40, enumerated by Kautilya in his Arthsastra in 300 BC. Some pithy sayings, heard during the conference, are given below :
1. No fraud without involvement of money.2. When times are good people steal. When times are bad people steal more. 3. When times are good rich people steal more. When times are bad poor people steal more.4. 65% frauds are advance related. 5.There were no frauds in 44 banks. 6. Low value frauds under control. No control over high value frauds.
In the Supreme Court and chamber from 2.30 to 5.30 pm. Retired to sleep at 10 pm.
1. No fraud without involvement of money.2. When times are good people steal. When times are bad people steal more. 3. When times are good rich people steal more. When times are bad poor people steal more.4. 65% frauds are advance related. 5.There were no frauds in 44 banks. 6. Low value frauds under control. No control over high value frauds.
In the Supreme Court and chamber from 2.30 to 5.30 pm. Retired to sleep at 10 pm.
No comments:
Post a Comment