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Early Detection and Reporting of Frauds in India Widening the Regulatory Net

12 Sep 2023

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By: Payel Chatterjee (Partner), and Aman Singhania (Senior Associate).

This article first appeared on the website of the Business Crime Committee of the Legal Practice Division of the International Bar Association, and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association.


The past few decades have witnessed a widespread improvement in investor confidence and positive market sentiment, catapulting India’s image as a global investment hub. While the government’s policy initiatives, such as ‘Make in India’ liberalising Foreign Direct Investment in over 25 sectors, aim to catalyse ease of doing business, recent amendments to regulations – such as Indian Penal Code 1860, the Companies Act 2013, Insolvency and Bankruptcy Code 2016 and the Prevention of Corruption Act 1988 – are enablers in preserving the economic reputation of the country by effectively tackling fraud, corruption, bribery and serious white-collar crimes. The second Indian Company Law Committee, set up in 2019, in its report of recommendations[1] highlighted: ‘These recommendations are geared towards promoting ease of living in the country by providing ease of doing business to law abiding corporates, fostering improved corporate compliance for stakeholders at large and to address emerging issues impacting the working of corporates in the country.’

Reliance on and the use of sophisticated technology spread across jurisdictions has made detection of financial crimes and criminals far more complex over time. Keeping pace with the crimes, Indian regulators have taken steady strides in developing a stricter enforcement regime to deal with frauds and white-collar crimes. Investigating agencies like the Enforcement Directorate, Central Bureau of Investigation, Serious Fraud Investigation Office, Economic Offences Wing, and the Directorate of Revenue Intelligence have improved vigilance and prosecution standards by introducing forensic technology, among other best practices, in India.

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