First antifraud competition in the World Concluded

Printer-friendly versionPDF version

More than 100 contestants contributed the research papers in the antifraud competition held in Ravindra Natya Mandir, Mumbai. This program was chaired by Dr. B.L.Mungekar, Ex-Vice chancellor of Mumbai University.

Pune, Maharashtra, March 11, 2010 - People are attracted to the idea of making a quick buck with very little effort, many different forms of disguised Ponzi schemes have surfaced on the Indian shores. Sometimes it is investments in the plantations, sometimes in Gold coins and sometimes it is car. Assets have changed but the methodology has been the same throughout the decades. Thousands of investors have fallen pray to the Ponzi schemes in the car-rental ponzi schemes which is a new babay on the blocks. More than one lac investors have fallen prey to such schemes in the past few months.These scams happened in decades of 70's,80's,90's and even today they are not continued.In order to prevent the investors from investing in such schemes it is essential to educate the future generation of the country. " We are sending accounting students in the market without the knowledge of forensic accounting, in such case they are most likely to be the victims of Ponzi like fraud schemes, basic awareness about the frauds is important in order to prevent these kind of repeated Ponzi schemes happening in India" said Mayur Joshi, CEO of Indiaforensic.

One day International Summit hosted by Indiaforensic and L.S.Raheja college was the effort to create the awareness amongst the students and to make them move in the antifraud direction. Conference which was atteneded by 700 participants from the country was chaired by B.L.Mungekar, Economic advisor to Planning comission and ex-Vice Chancellor of Mumbai University and G.D.Balasubramniam Director of Fraud Risk, Fullerton India was the guest of honour for this conference. Principal of L.S.Raheja College, Minu Madlani said at this event that "This international conference was the effort to bridge tha gap between the industry and academicians, such antifraud programs will not only create the awareness but will also create the job opportunities in this brand new career option".

Ashish Joshi - Head of SIU at TATA-AIG, Prashant Nayak of WaltDisney, Arun Wable of Deutsche bank presented the papers on the subject of frauds and Dr. Andrew Spalding - Fullbright-Nehru scholar presented the paper on the subject of Foreign Corrupt Practices Act. Dr. Spalding is working on the subject of impact of FCPA on Indian Investments.

In India no formal education is imparted to the students about the various different aspects of the frauds and their red-flags.Indiaforensc-pioneers of forensic accounting education made a march ahead and arranged the first ever antifraud competition in the history of the antifraud profession. More than 60 students and academicians participated in this competition and Maneet Sethi and Pooja Khanna of L.S.Raheja college were the winners of this competition. Dr. Spalding and other speakers were the honorary judges at this event and they shortlisted three best teams. Riskpro Management Consulting Private Limited were the sponosrs of this antifraud competition.