lead india

Financial frauds have devastating consequences for individuals as well as on the  economy. Although digital payments have lead to a more convenient life as they are easy to use in India, they also have made us prone to all types of financial frauds. As per the data released by the RBI, fraud cases up to an amount of ₹60,414 crore were reported in the year 2021-22, such frauds have cost India a huge amount of ₹100 crore daily over the past 7 years. These financial frauds have been further divided by the central bank into various categories, including the cases of misappropriation, forged instrument encashment, criminal breach of trust, manipulation of accounts, unauthorised credit facilities, fictitious accounts, negligence, cheating, forgery, irregularities in foreign exchange transactions, cash shortages, and other types of fraud which has not been specifically mentioned. In the discussion below, we would explore most common financial frauds in India as well as providing insights...