Frauds will persist, need effective controls: MCANews India (All States)

The Indian government has warned that frauds will continue to exist as the economy flourishes, referencing various scams involving mobile apps. The Serious Fraud Investigation Office completed 23 investigations in FY23, up from 13 in the previous year. The Directorate of Enforcement froze INR92 crore ($12.3m) in bank deposits in relation to its investigation into alleged cheating of investors using app-based tokens and other similar applications by several entities. The government has called for companies to implement effective controls and governance frameworks to prevent fraud and financial crimes within their organisations.

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