'Employee fraud costs Indian Inc $40 bn'

Bangalore, Mar 14: Indian Inc is suffering a loss of at least US Dollar 40 billion annually through employees' fraudulent practises, according to an investigation company--India Forensic. Talking to reporters here today, Company Chaiman Mayur Joshi said Indian corporates were losing huge amounts on account of shenanigans by their own employees rather than external parties.

He said India Forensic, in collaboration with the US-based Pinkerton company, was making efforts to raise the awareness level and equip the Indian corporates with the knowledge to fight this menace. Mr Barry Wilkins of Pinkerton said the employee fraud was an extremly organised crime carried out with the involvement of mafia gangs with the connivance of the employees.

UNI