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Whistleblowing of Corporate Fraud a Critical Analysis Regulation in India

978-93-6252-569-7 PAPERBACK FIRST EDITION , ,

Corruption remains a pervasive issue across the globe, and it has a significant impact on the economy, society, and decent work. It undermines the principles of transparency, accountability, and fairness, and it threatens the integrity of institutions and systems. One important tool in the fight against corruption is whistle-blowing, which involves the disclosure of information on illegal or unethical activities by an insider. Whistle-blowing has proven to be an effective mechanism to detect and prevent fraud in corporate governance and other areas. However, it also exposes whistle-blowers to significant risks, including retaliation and violence, making it crucial to have robust protections in place.

Whistle-blowing is particularly relevant in corporate governance, where it serves as an anti-fraud mechanism within the organization and allows the audit committee to detect fraudulent activities. Research has shown that whistle-blowing is an effective way to detect fraud, but this necessitates strong protection mechanisms for whistle-blowers to avoid retaliation. Despite the existence of international and regional instruments, agreements, and guidelines to protect whistle-blowers, there is still a need for national legislation that reflects these safeguards. Institutions and practices should be established to provide reporting channels and anonymity for whistle-blowers, as well as enforcement mechanisms to protect them from retaliation

The importance of whistle-blowing and the challenges that whistle-blowers face, this article will examine several case studies. These examples demonstrate the risks that whistle-blowers face, including job loss, blacklisting, and violence. However, they also highlight the positive impact that whistle-blowing can have in uncovering fraud and corruption. The cases of Shanmugam Manjunath, a government employee who exposed fraud at two gas stations in Uttar Pradesh, and Lalit Mehta, an engineer who revealed fraud in the administration of the Mahatma Gandhi National Rural Employment Guarantee program, serve as powerful reminders of the need to protect whistle-blowers and to continue to improve the mechanisms in place to support them.

 

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