A Bane of Financial Deceitfulness

Abstract

Frauds are the intentional errors that humans made to gain temporary luxury and permanent comfort in their lives. Unethical practices are the best suitable ways to settle down things as fast as possible because of the less patience levels they have or the more thirst to attain the life they imagined. Frauds may be number of ways financial frauds are the top most priority and became a bane for this 21^st century. Financial freedom is the motto of everyone to lead the life style they cherish and that is an enchasing element for the money lenders in different forms of financial organizations like banking and non-banking organizations, private or public financial institutes or the instant loan application platforms who injected the debt as an habitual action and a very common scenario in almost every family in the society irrespective of Gender, Age, community, occupational and educational backgrounds. Among all the financial frauds banking sector especially high profile frauds are the most crucial factor we can consider as banks are treated as trustworthy persons on behalf of government that provide financial aid and also protects the wealth we created. Frauds in banking sector are an alarm that raised the need of strengthening the regulatory aspects and usage of new technology like Artificial Intelligence to prevent frauds as much as possible. On top of the things creating awareness about the financial frauds and the need of building a financial literacy in people can made us successful in fighting effectively towards the battle of financial deceitfulness. This article deals with the deep case study of India’s top most banking frauds so far PNB (Banking) and HDFL (Non-Banking) institutions that shook the country and how the economy will get destroy and how the belief of loyalty towards financial institutions and blind trust of common man in India can be deceived.This article also discusses the probable solutions and precautionary methods to prevent the country’s financial structures and people’s wealth.