28012022 Hyderabad, FTCCI:
The Federation of Telangana Chambers of Commerce and Industry (FTCCI) organized an Interactive Meeting on “Red Alert for Corporate Frauds”. Chief Guest and Keynote Speaker – Sri Prasad Adelli, IRS., Additional Director (Investigation), Serious Fraud Investigation Office, Regional Office, Hyderabad, Ministry of Corporate Affairs, Govt. of India. Sri K Bhasker Reddy, President, Sri Meela Jayadev, Vice-President, Sri Naresh Chandra Gelli V, Chair, Smt Tasneem Shariff, Co-Chair, Sri V S Raju, Advisor of FTCCI Corporate Laws & IBC Committee, Smt. M Veena, Secretary and Smt. Khyati Naravane, CEO of FTCCI.
Sri Prasad Adelli, IRS., Additional Director shared his investigation experiences about being instrumental in detecting various fraudulent cases and white-collar crimes. He has elaborately and minutely analyzed the corporate frauds committed by various body corporates. He classified the frauds into three types – internal fraud, external fraud and fraud against an individual. He explained the Employee Red Flags and Management Red Flags elaborately and the steps to highlight the same. Finally, he gave a detailed checklist on detecting and preventing fraud. He suggested that the corporate management follow the internal controls to avoid corporate fraud. Due to the various frauds committed by the corporates, the banks also have become alert and observe their actions since they have lent a lot of money to the corporate sector.
Sri K Bhasker Reddy, President, FTCCI, said that Corporate frauds have emerged as the biggest risks that companies are exposed to and are increasingly becoming a significant threat. To contain and protect the frauds, the companies need to lay down robust systems, processes, corporate governance practices and a robust recruitment process to ensure that the right people with integrity and value systems are hired.
CA Naresh Chandra Gelli, Chair, Corporate Laws & IBC Committee said, this interactive meeting would provide inputs to prevention, detection and investigation of corporate frauds and help the participants get well-versed with the successful tactics and techniques of detecting potential frauds and combating fraudulent activities that may happen in any organization.
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