The Role Of Technology And International Cooperation In Combating Corporate Fraud In India: Challenges And Opportunities
- IJLLR Journal
- May 17
- 1 min read
Dr. Parvinder Kaur, Assistant Professor, University School of Law, Rayat Bahra University, Mohali Campus.
Adity, LLM, University School of Law, Rayat Bahra University, Mohali Campus.
ABSTRACT
The corporate fraud remains a pervasive issue in India, posing serious challenges to the integrity of its business environment and undermining public trust in both public and private sectors. The Indian legal framework has attempted to tackle corporate fraud with a series of stringent laws, but challenges remain in their enforcement and applicability in the modern business landscape. The Bharatiya Nyaya Sanhita (BNS), 2023 is one of the foundational statutes used to address corporate fraud, with provisions under sections 319, 314, and 342 covering fraud, criminal breach of trust, and falsification of accounts, respectively. One of the main issues is the insufficient use of technology in fraud detection and prevention. Traditional methods of audit and oversight are often inadequate in identifying the increasingly sophisticated fraud schemes that corporations employ. However, in recent years, technological advancements have emerged as a critical tool in addressing this challenge. Artificial Intelligence (AI) and machine learning (ML) algorithms are being deployed to analyze vast amounts of financial data, identify patterns, and detect anomalies indicative of fraudulent activities. Thus, this paper proceeds to analyse corporate fraud, importance of combating corporate fraud, role of technology in fraud prevention, key challenges in addressing corporate fraud, Conclusion and suggestions.
Keywords: Corporate fraud, Legal Provisions, Challenges, Technology.
