April 14 2018
The fraud allegedly perpetrated by jeweller Nirav Modi against Punjab National Bank reflects a common pattern of swindling at banks and financial institutions in developed markets such as the US and the UK, according to KPMG’s global head of forensics, David Hicks.
Government-owned banks are not necessarily more susceptible to fraud, Hicks said. “Frauds take place when institutions fail to test their systems for circumvention of controls,” Hicks told ET.
KPMG’s analysis reveals that the modus operandi of stealing assets and manipulating accounts remains common to financial criminals across geographies.