The total amount of black money deposited in foreign banks by Indians is not exactly known. According to Swiss Bankers Association and the Government of Switzerland, total amount held in all Swiss banks by citizens of India is about US $2 billion. Politicians and corrupt higher officials of government take bribes from foreign companies and park/invest the money abroad in tax havens for transferring to India when needed. Indian companies are reportedly misusing public trusts for money laundering.
During the Budget Session 2016, Narendra Modi government announced a new black money amnesty scheme—‘Dhan Wapsi’ from June 1, 2016 for 4 months—for those holding unaccounted money and assets to come clean by paying 45% of such wealth back to government.
Black Money and Financial Fraud explains the basic principles and specific techniques of corporate fraud prevention, the signs of management fraud, the characteristics of fraud-prone organizations, the detection of employee embezzlement and corruption. It emphasizes that fraud prevention requires attention both to the motivation of perpetrators and to the opportunities provided by non-existent or unenforced accounting and security control. Individual chapters explain the basic principle of detection through auditing and interrogation of employee embezzlement and corruption. Several tricks to catch-out liars have also been given. Some of the famous high profile cases of corporate and white-collar crimes are also summarized.
Overall, the book is an eye-opening account of its own kind, on the subject. It is very useful for general readers, economists, chartered accountants and financial intelligence agencies.