A Study on Banking Sector Frauds with Special Reference to Forensic Accounting

Abstract

Banking sector plays vital role in the economy of a country. A Banking sector serves newlinecredit to various sectors of society and that is why banking sector serves as a newlinebackbone of economy. As per data provided by RBI Indian banking sector is facing newlinecontinuous increase in number of frauds .This not only weakens banking sector but newlinealso creates long lasting adverse effects on economy. The current scenario of frauds is newlinebanking sectors is creating treacherous picture for banking sector. In such situation newlinecurbing and preventing instances of frauds has become imperative. Forensic newlineAccounting is a contemporaryarea in the area of Accounting. Forensic Accounting is newlinenot only accounting but integration of accounting, auditing and investigative skills. It newlinecan play significant role in reversing situation however, still awareness and newlineimplementation of Forensic Accounting is in nascent stage. Chartered Accountants newlineare accounting professionals, who are members of ICAI (Institute of Chartered newlineAccountants of India). Chartered Accountants play major role in financial reporting, newlinePreparation of financial statements and audit of various entities and due to that newlineChartered Accountants can be called real warriors in the field of prevention and newlinedetection of frauds. And Under this study opinions of Chartered Accountants are newlineanalysed in order to know role of Forensic Accounting in reduction and prevention of newlinefrauds in banking sector. This study also aims to study impact of recent judicial newlineenactments and use of technology on frauds in banking sector. newlineKeywords: Frauds in Banking sector, Forensic Accounting, judicial enactments, newlineInformation technology newline