Indiaforensic Initiative on Money Laundering

Indiaforensic Education
Rajendra Kumar

Rajendra Kumar, Head of Education at Indiaforensic explained the Money Laundering awareness initiative to the leading Indian newspaper ” The Hindu”.

On the black money trail – Indiaforensic

A recent study commissioned by the Government of India pegged the amount of black money in the Indian economy to be around 10 per cent of the GDP. With increasing focus on money laundering and other financial frauds, a need for experts specialised in detecting these crimes has opened.

S. DIPAK RAGAV speaks to Rajendra Kumar , Head of Education, Indiaforensic, a Pune-based institute that offers a course on money laundering, forensic accounting and fraud investigations.

Can you elaborate on the Anti-Money Laundering course?

Started in 2007, this was one of the foremost programme on the subject of money laundering. This course combines the benefits of technology-based training and self-study trainings. Students are provided the e-learning CD and also the AML manual. They will also have to keep themselves updated with the latest money laundering scandals. Since the examinations are conducted online, the questions are frequently updated in the system.

What are the advantages of doing this course?

One of the most significant benefits is gaining scientific knowledge on the subject of money laundering. Adding CAME (Certified Anti-Money Laundering expert) words in the resume also helps in building the personal profile. CAME has become a world class designation now.

What are the other courses of you offer in dealing with financial irregularities?

We offer a variety of certification programmes:

1. CFAP – It is a generic course available to the corporates at large and deals with corporate frauds. 2. CFAP [IT] – Focuses on the Information technology sector

3. CFAP [Insurance] – Focuses on the Insurance sector

4. CBFA – Certified Bank Forensic accountant focuses on the banking frauds like Card Frauds, Negotiable instrument frauds, loan frauds etc

5. CAME – Certified Anti Money Laundering expert

Complete Article on: The Hindu

Insurance Fraud Research covered widely

Indian insurance companies have borne a loss of over Rs 30,000 crore in 2011 due to different kinds of frauds, a study has claimed.

It cited collusion between the employees of insurers and private persons, document falsification and manipulation in citing cause of death to claim insurance benefits, as some of the reasons behind these frauds.

“The losses caused to the insurance sector are Rs 30,401 crore which is roughly 9 per cent of the total estimated size of insurance industry in the year 2011,” the report said.

This report created by Indiaforensic Center of Studies was widely covered in most of the National News papers and Electronic Media. Here are the links for the various news articles

<span >To access the complete research on the Insurance sector frauds in India please click here

India loses $6.25 Billion to Insurance Frauds – an Indiaforensic Research

Indiaforensic has come up with an exclusive research focusing the Insurance Sector in India. This research has brought forward the quantum of losses in Insurance Sector, thus disclosing some really shocking facts. This report was mentored by Mayur Joshi – an Anti-Fraud Professional having more than 15 years of experience.

According to this Indiaforensic Research, the Insurance Sector in India loses 30401 Crore of rupees every year due to frauds! In other words every insurance company loses 8.5% of its revenues to the frauds.

Three are two basic parts of Insurance sector, one is Life Insurance and the other is General Insurance, Life insurance sector contributes maximum to the frauds i.e. 86% which is more than 6 times of General Insurance which contributes 14%.

70% of the total frauds committed in the general insurance sector are of the nature of falsification of the documents. Medical Bills / Certificates top the list with 31% followed by Driving License (16%) and FIR (13%) which is actually a government document Fraudsters do not even fear forging it.

Motor Insurance is the biggest and most lucrative sector in General Insurance business followed by Health Insurance sector. Motor insurance has a stake of Rs.1554 Crore in the year 2011 almost 70% of increase in two year if compared to Rs.915 Crore in 2009. After motor the number comes of Health with total contribution of more than Rs.800 Crores and so on…

In Life Insurance Sector, the equation is quite different, there are mainly four types of Schemes of frauds, Miss-selling of Insurance Policy, which means Selling the Term Plan instead of ULIP and vice versa. This scheme costs 36% of the total frauds in Life Insurance Sector followed by the Fake Documentation Scheme with 33%.

This report is now a part of Certification in Insurance frauds offered by Indiaforensic.

Computer Forensic Workshop

“If you have to fight the frauds efficiently – you have to be united”.
The joint workshop of Indiaforensic with ISACA , Pune chapter has sent this signal to the forensic accounting, information security and coputer forensic professionals across the world. This was one of the foremost events in the city of Pune. Though the event was conceptualised by the team of Indiaforensic, President of ISACA, Pune chapter, Mr. R.R.Ponkshe made it happen. Under his leadership the whole program was executed and planned. Many members from outside Pune city attended this program notably from the city of Kolhapur.

It was one of the very crucial events for the team of Indiaforensic as this was the first Joint event on the topic of computer forensics. This was one of the few topical training sessions arranged by Indiaforensic.
Presence of the team of 8 students from the Symbiosis Center of Information Technology was highly appreciated. This was significant because it was observed that the students are taking coputer forensic as profession now. They were keenly interested in the topic of our first speaker Mr. Anil Chiplunkar. Anil runs his own firm called Infocounselors and has a vast experience of more than 20 years in the field of forensics. He is a Certified Forensic Accounting Professional [ CFAP]. Anil Chiplunkar gave a different overview of the coputer forensic as the profession. Anil’s presentation touched the basics oh the computer forensic as profession. He explained what is computer forensic, the history of computer forensic profession, what does evidence mean ? how is it used in the practice and he made the audience to participate in his session and made the session very smooth flowing.
Sebastian Edassery was the second faculty member. Sebastian is also a Certified Forensic Accounting Professional and one of the key persoanlities in the domain of computer forensic in our country. He is an Interpol certified trainer and has experience of working with Central Beauro of Investigation. Sebastian’s session was appreciated very much due to the demonstration he gave before the audience. He asked for a pen drive from the audience. One of the members provided the Pen drive in which primarily there were just three doucmnt files. But when he recovered the deleted data from the Pen drive the audience were taken a back. Computer forensic tools have the ability to create the miracles in front of the audience. This is probably the reason why the investigations are now termed as the romantic investigations.
Third and the post lunch session was the demonstration of Encase. Globally, Encase is one of the most exhaustive, tried and tested computer forensic software. Mr. Sudheer Londhe and his team mates from Syntel presented the demonstration of this tool on computer forensics.
Surprisingly the last session became the attraction of this workshop. Chairman of Advisory board of Indiaforensic, Mr. P.Sarathkumar presented the case study on Satyam. He gave the live updates of the current position of the Satyam Investigation as he is one of the members of Multi-disciplinary Investigation team appointed under the CBI.
When asked for the feedback, members of ISACA told us unofficially, that in past four years no event was executed at such a large scale and of this quality. Most of the members were impressed by this program and have asked us to keep them informed about the future programs in Pune. Thanks to the vision and determination of the President of ISACA Chapter, Mr. R.R. Ponkshe and the Vice President of ISACA Chapter, Mr. Nilesh Bhave.
In an endevour to equip the antifraud and information security professionals with the tools, computer forensic softwares were provided by the “Team Indiaforensic” in this conference. Those who were present in this conference and have received the softwares are requested to post their feedback and comments on this blog.

Thank you

Team Indiaforensic