Khaki to Suit – An Encouraging Journey

Senior inspector of Cuffe Parade police station Arun Wable quit the Police force in April’2008 to join Deutsche Bank as Vice President of Antifraud Unit. Arun Wable is now a reputed name in the banking frauds domain.

He is one of the most notable Certified Forensic Accounting Professionals [Certification awarded by Indiaforensic]. He has more than 29 years in Police Force and has spend a year in UN and now with Deutsche bank. He has keen interest in Money Laundering and has successfully completed the Certification in Anti-Money Laundering also offered by Indiaforensic.He is one of those few members who was constantly talked about during his stint with Mumbai Police. He has glorious track record in service and has won 5 awards including the Sword of Honour in the year 1980. Then in 1994, H.S. Joshi Shield for the outstanding service. In year 2001 he won two awards President’s Police Medal for Meritorious Service and Director General of Police’s Insignia for meritorious Service and finally in the year 2004 he won the United Nations Mission in Kosovo, Medal and Bar.His exit from the department of police made a big story for the newspapers. He is one of the most hi-profile antifraud experts in the country today.

Arun is a very studious person and has two publications to his credit.

1. Growth of Gangsterism in Bombay City- A Report-1994

2. Guidelines for the investigation of Disproportionate Asset Cases-2000

When asked about his most memorable fraud case he explains that “There are many, each one of them having their own importance. However, Rs. 200 Crore Fraud of a cooperative bank in Mumbai can be identified one of these. In 1997 branch manager of a cooperative bank reported forgery in a pay order which was altered from Rs. 212 to few thousand. During the course of this investigation, apart from the complainant branch manager, many more branch employees were arrested. Hundreds of bogus accounts in all branches of the bank were identified and finally the Income Tax department walked away with Rs. 200 Crores of unaccounted money from this bank”.

Though he feels that there is a huge potential for fraud investigators and forensic accounting professionals in the banking industry in India. However, it is yet to be recognized by the industry.

However he is not happy with the number of investigators in India and feels that there are hardly any experts in these fields, as good as none. Most of the investigators are either CAs or those with certificates from the market.

My interaction with India Forensic has been very limited. However, from whatever I have seen and learnt, IF is doing a wonderful job in fraud awareness, fraud prevention and above all creating a common platform for all the players in the field to interact and share their experiences.

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For more information please contact us at khatavkar.sarang@fraudtoday.com

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