economy lost Rs 6,600 cr due to frauds in FY12: E&Y

November 01, 2012 17:45

Different types of frauds may have caused Rs 6,600 crore loss to Indian economy in the last fiscal and banks were the most common victim in swindling cases, a report by Ernst & Young has said.

"What we found alarming in this edition was that insider enabled fraud accounted for 61 per cent of the reported fraud cases in this edition," Ernst & Young India Partner and National Director Fraud Investigation and Dispute Services Arpinder Singh said.

According to the first edition of Ernst & Young's Fraud Indicators in India, the magnitude of frauds in the second half of FY2012 increased by 36 per cent over the first half, while the number of frauds rose by a mere 8 per cent during the same period.

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