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Who Cheats and How?
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Who Cheats and How?
Scams, Fraud and the Dark Side of the Corporate World

First Edition
Critical Acclaim


August 2015 | 340 pages | SAGE Publications Pvt. Ltd

This book is a definitive account of Frauds and scams popping up in the Corporate World. A result of over six years of rigorous research, the work presents a deeper and comprehensive perspective on corporate scams and frauds.  One would be surprised to know about companies that are trusted world over have agreed for multi-billion dollar settlements with the Department of Justice, as most of them have either been found guilty of misconduct or have themselves paid the settlement amounts to close further investigations.

How will it feel when we get to know that Banks, wherein we keep our hard earned savings, have been found guilty of fraudulent acts in some way or the other? The list is almost a who’s who of the Banking community. The book will point out another very delicate and sensitive subject and that is the drugs we take. The book will talk in detail about Pharmaceutical Companies who have been found guilty of serious misdeeds.

Coming to India, where scandals involving Union Carbide, Satyam Computer, allocation of 2G spectrums involving several telecom companies, and allocation of Coal blocks to companies have made headlines. The book will discuss these and other corporate scandals including GMR-led Delhi Airports, LIC Housing, Bharat Earth Movers Ltd., among others. 

 

 
Introduction
 
Fraud and Scams: Mode and Style
 
Corporate Charlatans
 
Can We Trust Our Banks?
 
Quick-rich Financing Schemes
 
Stock Market Swindle
 
Crime in Our Wired World
 
Accounting: Cheating and Creativity
 
Checkers Could Be Cheaters
 
Do Pharma Companies Care? Do Medicines Heal? Are Doctors Concerned?
 
'The Last Words' On Frauds Yet to Be Revealed
 
Index

This book is a succinct warning on the frauds occurring in some parts of the corporate world. It argues forcefully to lift the veil of the corporate structure in order to fix accountability for poor corporate governance. The minority shareholders with virtually no power to run the affairs of the corporation actually pay for the sins of promoters—directors and top management who effectively run the corporation. Manipulations in companies’ accounts and share prices may increase the wealth of the top management. However, it is the general public and the minority shareholders who ultimately pick up the bills resulting from frauds and mismanagement in the corporate world. Values that serve society are integral to good corporate governance as much as in the public sphere.

Dr Ashok Khemka
IAS

The world we live in is willy-nilly becoming more transparent. Those in positions of power and those who wield discretionary authority have to necessarily become answerable for their actions. Yet the incidence of financial frauds and criminal activity in business organisations is on the rise. What drives wealthy individuals who have everything money can buy but still cannot contain their greed? Why did some of the most successful corporate captains get embroiled in scandals that ended up tarnishing not just their personal reputations but those of the organisations with which they were associated as founders, promoters or directors? Is it individual avarice that drives free enterprise capitalism or are there structural issues— like the nexus between business and politics and the deliberate dilution of regulatory safeguards—that create an environment that enables scams to be committed with brazen impunity? Read this book for answers to these questions.

Paranjoy Guha Thakurta
Journalist, educator, documentary film-maker and lead author of Gas Wars: Crony Capitalism and the Ambanis

The book is a well-researched compilation of the large number of crimes committed by corporates over the last many years; it covers them all, not just once but many times over, in various situations and contexts. Not only a ‘must read’ but a ‘must be kept’ in one’s personal and professional library!

Ashok Barat
CEO & MD, Forbes & Co Ltd; Ex-President of the Bombay Chamber of Commerce and Industries

First compendium of crimes…most of the cases covered are of recent vintage and contemporary…the fact that writer has managed to pack in brief summaries of nearly 500 frauds and scams is commendable. His understanding of the subject and ability to communicate them crisply is a highlight of this book…. The book is a welcome addition. It can be read overtime and you can dip into any page.

Business Line, 16th November 2015

A robust compilation of corporate scams and frauds across the world…the author has done extensive research and carried out in-depth analyses of public records to collate information on different types of frauds…the book scores on its ability to demonstrate how corporate frauds have evolved over the years.

Businessworld, 22 March – 4 April 2016

“Not only a ‘must read’ but a ‘must be kept’ in one’s personal and professional library!”

Ashok Barat,
CEO & MD, Forbes & Co Ltd; Ex-President of the Bombay Chamber of Commerce and Industries

The piece of work generates an awareness of frauds that led to corporate fiascos at different parts of the world at different times…. The book leaves a lingering impact of the theme on the minds of the reader… To me it is Truth Well Told

Global Business Review,
Volume 17 (Issue 2), April 2016

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ISBN: 9789351500612
£15.99