As we continue our relentless campaign to bring to you the truth behind the NPAs saddling Indian banking system. Today, we bring to you findings of the E&Y global fraud investigation. That interviewed executives from 55 countries. The biggest take away of the survey is fraud and corruption in business is not going away. This is significant since it’s clear that despite growing legislation, greater punitive action. Fraud in businesses is continuing, clearly fraud. That is a major factor for the present level of NPAs, is a phenomenon that’s not just restricted to same or family owned companies. But is prevalent even in large corporations, after all Essar Steel, Kingfisher, Lanco, Jaypee are all large corporations before we open this up. The other very interesting data point is that a third of the respondents felt that fraud is one the biggest risk to their businesses. This is an eye opener for policymakers, businesses and also investigating agencies. Let first run you through some other important data points.
