The dark is rising in corporate India as the latest ‘KPMG Fraud Survey Report 2010’ suggested testified that corporate frauds are on rise in the country. 75 per cent of the top level executives included in the survey accepted the fact.

Pointing out financial stress and dissatisfaction with the company’s management as the driving forces behind the fraudulent activities the survey, conducted by KPMG, revealed that the number of people resorting to fraud and other such activities is on a constant rise in India. It further clarified that the incidents are increasing both among senior and junior level of employees.

The survey found supply chain management as the area that is worst hit by frauds. However, it also warned that financial frauds, like cooking of the books as it was done by erstwhile boss of Satyam, Ramalinga Raju, are gaining momentum. Interestingly, 81 per cent of the respondents accepted that frauds related to financial statements are emerging as one of the biggest threats for investors.

The report blamed inefficient whistle blowing, consistent lapse on part of the auditors in accomplishing their job to oversee senior management’s work and poor regulation for such increase in corporate frauds in India.