*Professor, Institute of Management Research and Studies (IMSAR), M.D. University, Rohtak, India.
**Sr. Faculty, Footwear Design and Development Institute (FDDI), Rohtak, India.
Online published on 27 December, 2012.
Fraud was viewed as a rare event that happened to unlucky organizations. Now it is commonly accepted that fraud is taking place at virtually every organization, every business. Fraud has a bigger presence in our lives than ever before. It is an intentional deception made for personal gains or to damage another individual, is a significant factor worldwide in today's competitive world, and in entities irrespective of their size. Fraud is a major source of risk which can have disastrous effects on the finances of a company.
