Efficient controls are crucial to prevent persistent fraud, states MCA

The government has warned that frauds are likely to persist as the economy grows, citing recent scams involving mobile apps, and has urged companies to implement effective controls and governance frameworks to prevent such frauds. During the current fiscal year, the capacity of the Serious Fraud Investigation Office (SFIO) has been raised, and it has conducted 23 investigations, which is an increase from the 13 investigations carried out in the previous year. The Ministry of Corporate Affairs has emphasised the government’s commitment to combating fraud and ensuring transparency, accountability, and integrity in corporate operations. The increased digitization of the economy has raised the risk of fraud, and the government is working with regulators to clamp down on such fraud. The ministry’s call for efficient internal controls highlights the importance of preventing fraud, and regulators are sharing data to detect fraud trends and violations.