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NARADism

Case file · openSomeone inside is stealing. Who, and can you prove it?

What you
can’t see
will hurt you.

Intelligence-led forensic investigations, due diligence and risk advisory. India, on the ground. What we find is handed over as evidence a board, a negotiation or a court can rely on.

Write to a partner Urgent matter

The NARADism shield is assembling.

The white colonnade of Connaught Place, New Delhi

Connaught Place, New Delhi · 07:10

India, on the ground.

Feet on the ground across the country. District courts, registries, factory gates and the people who know what happened. Local context, not database hits.

Regulators our partners have worked across the table from

  1. 01US Department of Justice
  2. 02US Securities and Exchange Commission
  3. 03World Bank Integrity Vice Presidency
  4. 04SEBI
  5. 05Enforcement Directorate
  6. 06SFIO

01 · Five practices

Which of these is keeping you up?

Every service

  1. Someone inside is stealing.

    Who, and can you prove it?

    Led byKunal Gupta, Senior PartnerThe practice

  2. Your people know the rules. Will they follow them?

    Behaviour, not policy orientation

    • Ethics & Compliance Training
    • Conflicts of Interest & Gift/Hospitality Policies
    • Whistleblower Protection & Speak-Up Culture
    • Environmental & Social Governance (ESG)
    Led byKunal Gupta, Senior PartnerThe practice

  3. Will your controls hold when a regulator looks?

    FCPA, UK Bribery Act, PC Act, PMLA, DPDP

    • Risk & Compliance Advisory
    • Third-Party & Vendor Risk Assessment Programmes
    • FCPA, UK Bribery Act & Global Anti-Corruption Compliance
    • Conflicts of Interest Management Programmes
    Led byVidit Parakh, PartnerThe practice

  4. Can you trust the people across the table?

    Before an investment, a hire or a vendor

    Led byShilu Pandey, Associate PartnerThe practice

  5. Is this the hire they say they are?

    Identity, integrity and history, verified at source

    • Next-Gen Background Verification
    • Reference Check
    • Database Checks
    • Education Verification
    Led byShilu Pandey, Associate PartnerProductNARADism Verify (opens in a new tab)The practice

02 · One matter · Procurement fraud

₹0 Cr

Why were plant costs rising faster than output?

in inflated invoices identified over 30 months. Manufacturing, 7 weeks, data analytics, site visits, email review. Illustrative composite · no client is identifiable.

Tap through the case, and make the call yourself
  1. 0412VND-103 · Industrial fasteners₹1.2 CrApproved
  2. 0413VND-108 · Bearings and seals₹0.8 CrApproved
  3. 0414VND-104 · Hydraulic parts₹2.6 CrFlagged
  4. 0415VND-111 · Maintenance₹0.4 CrApproved
  5. 0416VND-104 · Hydraulic parts₹3.1 CrFlagged
  6. 0417VND-107 · Consumables₹0.9 CrApproved
  7. 0418VND-110 · Castings₹4.4 CrFlagged
  8. 0419VND-104 · Hydraulic parts₹2.9 CrFlagged
  9. 0420VND-102 · Packaging₹0.6 CrApproved
  10. 0421VND-110 · Castings₹5.2 CrFlagged
  11. 0422VND-104 · Hydraulic parts₹3.8 CrFlagged

03 · The numbers

Fraud is a line item. Most companies just haven’t found it yet.

Published figures from the largest global study of occupational fraud, and from India’s banking regulator. Every number is cited below.

0%
of revenue lost to fraud each year

the typical organisation's estimated loss

$0k
median loss per case

average loss was $1.7 million

0 months
before a fraud is detected

median duration from start to discovery

How fraud is first detected

Nearly half of all frauds surface through a tip.

more than half of tips come from employees. That is why a hotline is a control, and why we run them: intake, triage and independent handling, so a tip becomes a lead instead of a leak.

India · banks, FY 2023-24

₹0 Cr

reported as fraud across 0 cases

Reported by banks to the Reserve Bank in one financial year. Loan fraud, asset tracing and recovery support is where our banking work sits.

Three kinds of fraud

The rarest scheme costs the most.

Asset misappropriation is everywhere and relatively small. Financial statement fraud is rare and six times costlier. Both are found the same way: by someone who looks at the data as evidence, not as reporting.

View the data as a table
MeasureValueSource
of revenue lost to fraud each year5%ACFE, Occupational Fraud 2024: A Report to the Nations
median loss per case$145kACFE, Occupational Fraud 2024: A Report to the Nations
before a fraud is detected12 monthsACFE, Occupational Fraud 2024: A Report to the Nations
Detected by: A tip43% of casesACFE, Occupational Fraud 2024: A Report to the Nations
Detected by: Internal audit14% of casesACFE, Occupational Fraud 2024: A Report to the Nations
Detected by: Management review13% of casesACFE, Occupational Fraud 2024: A Report to the Nations
Detected by: By accident5% of casesACFE, Occupational Fraud 2024: A Report to the Nations
Detected by: All other methods25% of casesACFE, Occupational Fraud 2024: A Report to the Nations
Asset misappropriation89% of cases · median loss $120,000ACFE, Occupational Fraud 2024: A Report to the Nations
Corruption48% of cases · median loss $200,000ACFE, Occupational Fraud 2024: A Report to the Nations
Financial statement fraud5% of cases · median loss $766,000ACFE, Occupational Fraud 2024: A Report to the Nations
Bank frauds reported in India, FY 2023-24₹13,930 crore across 36,075 casesReserve Bank of India, Annual Report 2023-24

Sources: ACFE, Occupational Fraud 2024: A Report to the Nations (Global study of 1,921 cases of occupational fraud investigated between January 2022 and September 2023.). Reserve Bank of India, Annual Report 2023-24 (Frauds reported by banks, by date of reporting, financial year 2023-24.). Figures are the published medians and shares; they describe the population studied, not NARADism’s matters.

04 · The partners

Every matter is partner-led. These are the partners.

Lawyers, Chartered Accountants and Certified Fraud Examiners who have sat across the table from boards, regulators and enforcement agencies. Write to one of them directly.

  1. Kunal Gupta

    Kunal Gupta

    Senior Partner – Forensic Investigation, Data Analytics & Risk Consulting

    Lawyer · Company Secretary · Certified Fraud Examiner · 12+ years

    Kunal Gupta is an industry leader with over 12 years of experience in white-collar crime investigations, forensic accounting, transaction diligence, supply chain leakage, asset tracing, compliance and risk consulting.

    Write to Kunal Full profile
  2. Vidit Parakh

    Vidit Parakh

    Partner – Financial Crime, AML / KYC Compliance

    Chartered Accountant · Certified Fraud Examiner · M.Sc. Forensic Accounting · 7+ years

    Vidit Parakh is a seasoned financial crime and compliance professional with over seven years of experience across AML/KYC compliance, investigations and risk advisory.

    Write to Vidit Full profile
  3. Shilu Pandey

    Shilu Pandey

    Associate Partner – Legal, Investigations & Compliance

    B.A. LL.B. (Hons.) · LL.M. Corporate Law

    Shilu Pandey is a legally trained investigations and compliance professional with experience in corporate fraud, regulatory advisory and integrity due diligence.

    Write to Shilu Full profile

05 · Not sure where to start?

Sixty seconds. Three questions. A preliminary brief.

What has happened, how you learned, and when you need to act. You get the urgency, who owns it at NARADism, and what to do and not do in the first 72 hours. Nothing leaves this page.

  1. 1
  2. 2
  3. 3
  4. 4
What has happened, or might?

Nothing you choose here is sent anywhere. The brief is built on this page.

How an engagement starts

Tell us what you can’t see.

Every engagement starts with a confidential conversation. No matter is too early, or too sensitive, to raise. A partner replies within one working day.

Write to a partnerUrgent matter
  1. 01

    A 30-minute call

    To align on the question, the team and the sites involved.

  2. 02

    A fixed-scope proposal

    A tailored scope and fee note within five working days.

  3. 03

    Discreet execution

    Small senior teams, conflict-checked, DPDP and GDPR compliant handling.