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Dun & Bradstreet to pay $9 million FCPA fine


D&B managed its global operations through various international segments, which included regional management in Europe, Canada, Asia Pacific, and Latin America. D&B’s Asia Pacific interests included subsidiaries, joint ventures and strategic partnerships in China, Taiwan, and Hong Kong, which were collectively managed through offices located in Shanghai. D&B securities were registered with the SEC and traded on the New York Stock Exchange.

Chinese subsidiaries used third-party agents to make unlawful payments to obtain data vital to Dun & Bradstreet’s business as a provider of business financial information. One subsidiary, part of a joint venture with a Chinese company, acquired non-public financial statement information on Chinese entities, in violation of Chinese law, by making unlawful payments to Chinese government officials. The second subsidiary made improper payments to third parties to acquire non-public personal data in violation of Chinese law that was used in its products and also made improper payments to obtain specific business. These improper payments were falsely recorded as legitimate business expenses. Despite concerns raised during pre-acquisition due diligence efforts, Dun & Bradstreet failed to take appropriate action to stop the improper payments or the false entries into the subsidiary’s books and records, which continued for several years post-acquisition.

Profiles and Resume Evaluation for CFAP Members


As an Indiaforensic Certified member, you’ve positioned yourself as a forensic accounting professional with the expertise to identify and prevent fraud. Set yourself apart from the multitude of other candidates with a resume and/or cover letter that will get the recruiter’s attention and push you to the top of the short list for a job offer.

Students who have recently passed out their certification in forensic accounting and are looking for the job, one of the first things to look into is building the right resume with perfect statement of your career goals.

We at Indiaforensic are committed to provide the best possible employment opportunities and we help you to brand/ rebrand on social media as well as in the eyes of employers.
Improve your resume and/or cover letter and hone your job search strategies by taking advantage of one or more of the following options

Option 1: LinkedIn Profile Evaluation

LinkedIn is the default professional networking site that recruiters, hiring managers and HR professionals use to identify right candidates. Linkedin is a powerful tool but many of the job seekers tend to ignore the importance of Linkedin. Many profiles are incomplete, outdated and don’t present the candidate in the most advantageous position. Our team of experts offer to evaluate your LinkedIn profile and suggest detailed changes you should make to improve your visibility to decision makers. Once updated, our team will review to ensure changes have been incorporated correctly and provide additional suggestions, if required. For details please communicate with our Professional Services Team representative at rajendra.kumar@indiaforensic.com

Option 2: Resume and Cover Letter Evaluation
Resume and Cover letter are the most important documents that win the jobs. Our team of professional services will evaluate your resume and suggest detailed and specific changes you should incorporate to help make your resume stand out, grab the hiring manager’s attention, and improve your chances of getting a job offer. For details please communicate with our Professional Services Team representative at rajendra.kumar@indiaforensic.com

Transport Logistics International Inc. Agrees to Pay $2 Million Penalty


TLI conspired with others to corruptly pay more than $1.7 million to offshore bank accounts associated with shell companies, at the direction of, and for the benefit of, Vadim Mikerin, a Russian official at JSC Techsnabexport (TENEX), a subsidiary of Russia’s State Atomic Energy Corporation.  The bribe payments were made to help TLI secure improper business advantages and obtain and retain business with TENEX.   In order to effectuate and conceal the bribe payments, TLI executives and others caused fake invoices to be prepared, purportedly from TENEX to TLI, that described services that were never provided.  TLI then wired payments for those purported services to shell companies in Latvia, Cyprus and Switzerland to further the bribery scheme.

Penalty on Airtel Payments Bank for violation of KYC Norms


Based on the complaints and adverse media reports alleging that the Airtel Payments bank had opened customer accounts without a clear/specific consent of the customers, a supervisory visit to the bank was undertaken by RBI between November 20 and 22, 2017. The supervisory visit report and other relevant documents, revealed, inter alia, contraventions of ‘Operating Guidelines for Payments Banks’ and the directions issued by RBI on Know Your Customer (KYC) norms.

Based on the documents, a Notice dated January 15, 2018 was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with guidelines and directions issued by RBI. After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI guidelines/directions were substantiated and warranted imposition of monetary penalty.

Increasing incidences of penalties for violation of the KYC norms by the banks, financial institutions and payment banks underline the importance of the Certified KYC Expert program offered by the Indiaforensic.

KYC Violation by Indian Overseas Bank


Reserve Bank of India has imposed a penalty of 2 crore on Indian Overseas Bank (IOB) for violating Know Your Customer (KYC) norms. The Reserve Bank of India in its press release said a fraud was detected in one of the branches of Chennai-headquartered Indian Overseas Bank. It added that the examination of the documents, including the bank’s internal inspection report, revealed non-compliance with the directions issued by the RBI on KYC norms.

You could be next John Grisham of India


In order to help the members build their brand, Indiaforensic is opening its platform for the Certified Forensic Accounting Professionals and Certified Anti Money Laundering Experts.

Build your brand

  • Are you a certified professional interested in your branding ?
  • Do you think you could be the next John Grisham of India ?
  • Do you think your stories can add value to the readers of Indiaforensic audience ?

If answer to any of the above is affirmative then here is a plan for you. [Please refer the author guidelines]

You could be the John Grisham of India

We at Indiaforensic are always excited to engage with guest contributors with great industry knowledge who could be the John Grisham of India. If you are a blog writer who writes about forensic accounting, Investigations, security, cyber crime, digital forensic related topics, we would be happy to publish your original posts on Indiaforensic website which is one of the most exhaustive resource on forensic accounting and investigations in India and pass on credibility to you.

Why to Contribute ?

Indiaforensic have huge reader base who want to follow the latest in forensic accounting and antifrauds. By engaging reader on our portal, you build online reputation of  thought leaders in a particular industry. Moreover we pass on the credibility of your post to you by link back to your linkedin, facebook or Indiaforensic Social Network profiles or your website. We also promote all the posts on Indiaforensic on regular basis to build more relevant reader base for our guest authors.

What to write?

Articles must be informative, crisp and should include your own viewpoint / content, and the most it should have conclusion with some actionable items. You are free to write about anything in investigation and forensic accounting space including tips, challanges, opportunities in forensic accounting or share reviews on top frauds and certifications in forensic accounting. Pick an exciting topic and start writing for our awesome blog.


If you are interested, feel free to get in touch with us at editor@indiaforensic.com or simply upload your article through form on this webpage. Your article will be reviewed by our editors before it gets published. We will also let you know, once your post get published on India’s most popular forensic accounting portal.

Build Your Profile

We would love to put your short profile below your article and give credits to your social profiles like Indiaforensic Social Network, Facebook or Linkedin. Kindly share your short profile with your image while sharing your story.

Looking forward to hear from you.

Guidelines for Indiaforensic Authors


Author Program of Indiaforensic is one of the simplest and quickest way to be known to the forensic accounting and Anti Money Laundering Fraternity. Here are detailed guidelines for the authors looking to contribute to the growing Indiaforensic Community.

Guidelines for Indiaforensic Authors

  • Article should be at least of 700 words; no max limit.
  • Article should have original content and should not be copied from anywhere.
  • Your article should be SEO optimized. While sharing article, do share the keywords for which the post is optimized. Please donot hesitate to talk to us if you donot have one optimsed. Our team can work with you to optimise it.
  • Articles may include relevant photos, videos, infographics etc, which should not be copy-righted
  • Preferably the article should cover the content point wise or section wise with conclusion at the end.
  • Article should not be generic in nature. It should give away concrete learning points for reader.
  • Article should be research based with facts and figures mentioned in it. Author must do online research on topic of article before writing it.Author should also include source links of all site from where the data or facts are collected as a reference point for readers.
  • Articles should use informal dialect as if the author is talking to readers rather than writing article formally for newspaper or magazine.
  • Articles must use grammatically correct language with no spelling mistakes.
  • Author can include maximum 2 links to his/her website. Surely we will give you link back.
  • Along with article, author should also share brief author bio to be included at the end of Articles. You can share your photo and link to social profiles as a part of author bio.
  • We might edit the title (to make it more SEO friendly) and insert links, if required. We will not alter the content of Article without permission of the author.
  • We will pay remuneration for articles published on our website, and for sure we will pass on all the credibility to author. This will help build and promote author’s credibility.

Read about the author program here

For more information on our Author Program you may feel free to Ms. Devaki Naik on +91-9920976118

Syndicate Bank fined for violation of KYC Norms


A scrutiny was conducted by RBI of certain branches of the Syndicate bank in the aftermath of a fraud reported in these branches. A monetary penalty of ₹ 5 crores on Syndicate Bank (the bank) for non-compliance was imposed as the directions/guidelines issued by RBI on cheque purchase/discounting, bill discounting, and Know Your Customer (KYC)/Anti-Money Laundering (AML) norms were violated by these branches of Syndicate Bank. Based on the findings of the scrutiny and examination of related documents obtained in this regard, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with directions/guidelines issued by RBI.

SBM Offshore to pay $238 Million


SBM conspired to violate the FCPA by paying more than $180 million in commissions to intermediaries, knowing that a portion of those commissions would be used to bribe foreign officials in Brazil, Angola, Equatorial Guinea, Kazakhstan and Iraq.  SBM made these payments in order to influence those officials, for the purpose of securing improper advantages and obtaining or retaining business with state-owned oil companies in the five named countries.  SBM acknowledged that it gained at least $2.8 billion from projects it obtained from these state-owned oil companies.

SBM Offshore N.V. (SBM), a Netherlands-based company specializing in the manufacture and design of offshore oil drilling equipment, and its wholly owned U.S. subsidiary, SBM Offshore USA Inc. (SBM USA), have agreed to resolve criminal charges and pay a criminal penalty of $238 million in connection with schemes involving the bribery of foreign officials in Brazil, Angola, Equatorial Guinea, Kazakhstan and Iraq in violation of the Foreign Corrupt Practices Act

18 More Shell companies on SFIO Radar


In an interesting development, the Ministry of Company Affairs which governs the registrations of the companies in India identified 18 more companies which are required to be investigated by the Serious Fraud Investigation office.

In May this year, the MCA had identified 331 companies which had deposited large sums of cash. In August, the Securities and Exchange Board of India had shifted shares of the listed companies into Graded Surveillance Mechanism, thereby severely restricting trading activity in them.

Names of these companies are as follows

  • Dreamline Manpower Solution Private Limited
  • Sterling Agro Industries Limited
  • CMI Limited
  • Maverick Holdings and Investment Private Limited
  • Great Eastern Energy Corporation Limited
  • Seeds and Grains India Private Limited
  • MG Housing
  • SEW Euro Drive India Private limited
  • Logix Soft-Tel Private Limited
  • Royaloak Steels Private Limited
  • Atma Tube Products Limited
  • Sujala Pipes Private Limited
  • Katira Construction Company
  • Raghuveer Metal Industries Limited
  • Minda Sai Limited
  • Genesys International Corporation