<aside> <img src="www.iacuityfintech.com" alt="www.iacuityfintech.com" width="40px" /> iAcuity Fintech produces forensic accounting software. It's flagship product 'Fund Trail' helps forensic auditors and investigative agencies in identifying financial crime.
</aside>
One of the largest economic offence in India is that of banking fraud which has grown substantially. As per RBI, INR 1.85 Lakh Crore bank frauds were reported in 2019–20, growing by 159% over the previous year. With many willful defaulters engaged in financial crimes such as Siphoning / Embezzlement, Ponzi Schemes, Diversion of Funds, Round Tripping, Unreported Related Party Transactions, Transactions with Blacklisted/Sanctioned Entities and others, the NPAs have bloated. We have seen scams that leave a permanent mark on the financial stability of the country, and the tax-payers have to bear the responsibility of the illegal activities carried out by such individuals and companies
Resolution of such economic offences goes to Law Enforcement Agencies (LEAs) such as EoW (Police), ED, CBI, Income Tax, SFIO. These LEAs go through diverse and dense data sources manually, which takes months of efforts to gather evidence and identify financial crime. Gathering evidence at times translates to finding needle in a haystack and with manual efforts, human errors cause losing out on vital information required to find the evidence.
Banks and Law Enforcement Agencies have lacked the ability to identify and investigate these financial crimes quickly. They have limited oversight on the money trail, which leads to financial crimes and misuse of money. This stems from:
It is crucial to identify and notify the lapse in processes and red flags in time to appropriate people. This involves more effective calibration of transaction monitoring system, use of analytics tools to enhance the quality of alerts, profile customers, risk score transactions, identify the patterns in which the funds are utilized by the borrower, map the fund trail to the nth level, identify inter-party transactions and diversion of funds.
iAcuity’s Fund Trail assists Forensic Auditors, Law Enforcement Agencies and Financial Institutions map the flow of funds to the nth level, identify circular transactions, reconcile bank statements and ledgers, to help them identify whether financial crime was committed. Alongside, Fund Trail assists in identifying actual number of borrowers. The output is produced by Fund Trail in minutes, which would normally take months for fraud investigators to map.
Investigators have to simply upload bank statements and ledger data to iAcuity Fund Trail to get the desired results. Once data is ingested, iAcuity’s analytics engine automatically validates data through reconciliation of running balance, extracts and resolves entities, categorizes transactions, identifies fund flow patterns and prepares reports. iAcuity Fund Trail generates reports within hours, thereby reducing investigation times from months to weeks.
Input: Bank Statements, Ledgers, Annual Reports
Turn-around time: Few hours (depending on case load and server capacity)