Frauds are an outcome of deception and manipulation by human beings. Frauds always existed, but in recent times, it has grown exponentially and further, it has increased in variety and dimension. Fraud is an act to deceive others. A gross misrepresentation may also tantamount to fraud, although the laws of contracts have differentiated the term misrepresentation and fraud.
If a person tries to obtain money, asset or anything which belongs to others through unfair means, such act may be termed as fraud. An employee of a shop offers an item worth INR (Indian National Rupee) 5000 at a price of INR 2000 to a customer without informing the owner of the shop and pockets all or part of INR 2000 without proper accounting, the act is nothing but fraud as the employee pocketed the money which belong to his employer. This is just a small example. On glancing through newspapers, magazines and news channels we come across with various instances where a person or a group of person defraud hundreds of customers, employers, government or public at large and sometimes to their own family members.
Mahatma Gandhi once said," There is enough in this word for everyone's need, but there isn't enough in this world for every man's greed". The desire to become rich within a short span of time and without adequate labour and effort, may also cause a person to commit frauds.
A man is a social animal. It is the responsibility of every person to be vigilant and trust financially to some extent only and not blindly. Its always good to vouch other's acts otherwise ignorance towards others' activities may invite financial losses out of frauds and scams.
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