Corporate fraud on the rise in India says KPMG

Mumbai: Prominent consultancy firm KPMG has revealed that the levels of fraudulent practices at the corporate sector are on the up, on the basis of their findings. They have found 75 percent of the companies surveyed by them have been indulging in such activities. The company has also said that this is true for both private and public entities, especially in the last couple of years. As per the 'Fraud Survey Report 2010 for India' brought out by KPMG, misappropriation of financial data is the most prominent type of fraud practised by the company. The report also mentioned that corruption and bribery have become inseparable parts of the Indian business fraternity, especially for the Indian enterprises. 38 percent of the participants of the survey are of the opinion that bribery is now an essential part of business in India. They opine that this is especially evident in case of procuring regulatory consents as well as business from prospective clients.