TheGreat Indian Fraud

Explains complexities of financial frauds in an easy and interesting languageFast and racy, it narrates the rise and fall of the greatest fraudsters of our times, such as Haridas Mundhra, Jayanti Dharma Teja, Harshad Mehta, Ketan Parekh, Hasan Ali Khan, B. Ramalinga Raju, Nirav Modi, Vijay Mallya, Nirmal Singh Bhangoo and many moreProvides an insider view of how law enforcement agencies struggle with containing serious fraudsReveals interesting insights into how complex systems work in a free market, and the fault lines that fraudsters exploitMakes interesting revelations about new risk areas that are prone to serious fraudsDisplays how innovation in technology and finance increases fraud risk in organisationsSmarak Swain is an officer of the Indian Revenue Service (IRS) and presently works as Deputy Secretary in Finance Ministry. A graduate in electrical engineering from the Indian Institute of Technology (IIT) Kharagpur, he has completed his master's in Taxation and Business Laws from NALSAR University, Hyderabad. He has over 10 years of experience in the fields of income tax scrutiny, transfer pricing audits and investigation. Swain has authored Tangible Guide to Intangibles, an academic work on accounting, valuation and taxation of intangible assets, and Loophole Games, an exhaustive survey of tax avoidance techniques used by corporates. He frequently writes articles and papers on the interplay of finance and technology with law. His articles have been published in Nikkei Asian Review, The Economic Times, The Mint, Asia Times, The Hindu BusinessLine and BloombergQuint.How do tax havens and syndicates running shell companies help fraudsters escape the long arm of the law? How does the ambiguity of valuation in the start-up ecosystem increase its vulnerability to corporate fraud? How are manufacturers and exporters from China exploiting India's Free Trade Area (FTA) with other countries to dump goods at artificially low prices in the Indian market? What challenges does the Belt and Road Initiative (BRI) of China pose for regulators of India? Why do people fall for Ponzi and pyramid schemes again and again? Serious frauds affect society and economy in damaging ways, belittling the common man's trust in the system. Yet, barely do we understand how these affect our lives. A first-of-its-kind, The Great Indian Fraud reveals how all such frauds result from the manipulation of complex financial transactions, involving simple mathematics and tricks, to deceive regulators, enforcers, business partners and customers. Drawing on his experience in the fields of forensic audit and financial investigation, author Smarak Swain explains the modus operandi behind some of the most notorious cases of fraud-Haridas Mundhra, Jayanti Dharma Teja, Harshad Mehta, Ketan Parekh, Hasan Ali Khan, B. Ramalinga Raju, Nirav Modi, Vijay Mallya, Nirmal Singh Bhangoo and many more-narrating the rise and fall of the greatest fraudsters of our times. Informative and skilfully narrated, The Great Indian Fraud is a must-read to understand how frauds happen, how law enforcement agencies handle crises, the sectors that witness maximum frauds as well as the emerging sectors that are at high risk.Narrates the incredible story of financial scams that have plagued the Indian economy-bank frauds, stock market frauds, insider trading, start-up frauds, corporate frauds, origin frauds, Ponzi schemes and pyramid schemes-and the swindlers behind these scams.