The fraud must have been going on for years and the authorities of
banks, RBI, SEBI and Chartered Accountants of India must have been
ignoring the same as the accountability for doing their respective
duties honestly and diligently has not been adequately fixed.The major
culprits in any fraud are the Chartered Accountants whose creativity in
producing fraudulent accounts is something extraordinary in India. Same
thing happened in Satyam computers Ltd where fraudulent accounts were
prepared and given to banks and other authorities which were accepted
without suspecting any irregularities. All NPAs in banks are also as a result of fraudulent accounts produced conveniently by the Accounting firms. Banks accounts are always window dressed to project a better image and camouflage NPAs with such an ingenuity and precision that the fraud goes unnoticed, non detected for decades. Creative accounting is an
established practice and unless and until the Chartered Accountants and
auditors are booked and made accountable the frauds in the system will continue to
be prevalent and there is no way of knowing the true position of
Financial state of affairs of business establishments. The loss is borne
by innocent tax payers of the economy and that is the sad part of it.
Dr.T.V.Gopalakrishnan
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