Hire FIDA for Financial Fraud Investigation Services

Financial fraud can be chiefly defined as an intentional act of deception entail financial transaction for the purpose of personal gain. Fraud is a crime and it is also a contravention of civil law. Financial fraud can also be defined as wilful act of dishonesty involving financial transaction for purpose of personal gain. Financial literacy is the aptness to understand how money works in world. How someone manages to earn and then how he or she invests it and so on & so forth. That is why many financial frauds is also known as “White Collar Crime”. This is the reason many fraud cases involve convoluted financial transactions conducted by white collar criminals such as business professionals with specialized knowledge and criminal aspiration.

Many times, it has also been experienced that investment brokers may present a very lucrative picture to his clients with an opportunity to purchase shares / bonds of an X Company and projects the return as double of the investment in shortest possible time. His status as professional gives him that trustworthiness. Those who believe the opportunity to be upright contribute worthwhile amount of cash and receive veritable looking bond document in return. If the investment broker is fully aware that no such treasury exists and still he receives payment for worth less bonds, then it is one of the fastest growing frauds and victim may sue him. In India such crimes keep taking place very often and such criminals with their knowledge and loophole in the system try to manipulate the facts and also Indian courts take very long time to settle such matters or bring the culprits to justice.

Transaction Data Analysis

Transaction dumps can be analyzed using data models and putative fraud synopsis to detect oddity and dubious transactions. Using advanced fraud detection techniques such as Benford's Law, and in consultation with audit teams we analyze historical data. With the help of tools such as IDEA and advanced data selection queries, macro-based models can be built to analyze the given set of data, as well as to provide the client with an easy-to-use set of functions for fraud analysis.

Types Of Financial Fraud-

• 1.    Embezzlement
• 2.    Insurance Fraud
• 3.    Bankruptcy Fraud

Embezzlement- Embezzlement is distinguished from hoax in that hoax involves wrongfully obtaining property by a faulty mendacity, such as a lie or trick, at the time the property is transferred, which induces the victim to transfer to the wrongdoer title to the property.

Insurance Fraud- Financial fraud can be broadly defined as an intentional act of deception involving financial transactions for purpose of personal gain. Fraud is a crime and is also a civil law violation. Many fraud cases involve complicated financial transactions conducted by 'white collar criminals' such as business professionals with specialized knowledge and criminal intent.

Bankruptcy Fraud-  It’s a white-collar crime that occurs when a person knowingly and fraudulently commits certain prohibited acts in connection with their bankruptcy case. When filing for bankruptcy, you’re expected to list all of the property that you currently own, as well as any assets that you’ve transferred to others within a particular period. 

Overview:

Bankruptcy fraud is a white-collar crime that commonly takes four general forms:

1. A debtor conceals assets to avoid having to forfeit them.
2. An individual intentionally files false or incomplete forms. Including false information on a bankruptcy form may also constitute perjury.
3. An individual files multiple times using either false information or real information in several jurisdictions.
4. An individual bribe a court-appointed trustee.

Commonly, the criminal commits one of these forms of fraud withanother crime, such as identity theft, mortgage fraud, money laundering, and public corruption.