While the Indian Banking, Financial and Corporate sectors have witnessed phenomenal growth in the last two decades, there has been a substantial rise in the incidence of Frauds reported during this period causing concern to all. The Government has introduced new rules and regulations and revised certain Laws and Acts to control and contain the trends. Due to this many organizations have come under tremendous pressure to implement new fraud risk management policies, procedures and practices. Although no organization can be completely immune to fraudulent activity, a new thrust is given to adopt several proactive and preventive measures to reduce the exposure to financial loss and reputational damage.
Leveraging advances in the forensic science and technology to identify the source and origin of fraudulent activities through securing reliable and dependable evidence so as to uncover offences such as bribery, corruption, cheating, theft, misappropriation, malfeasance, conflict of interest and other internal wrong doings for tracing the assets, tracking the fund flow and trailing the offenders, is a new paradigm in the evolving fraud risk compliance environment.
With new Corporate Laws enacted in India and renewed thrust given to combat corruption and fraudulent practices in the public and private sector, more and more companies are approaching agencies specialized in forensic audits for business process analysis, risk analysis, vulnerability reviews and other proactive fraud prevention and detection measures.
Truth Labs, India’s first Independent Forensic Science Service organization, setup in 2007, by a group of 18 Former Heads and Directors of Central and State Government Forensic, Police and Judicial Institutions, has been providing reliable and dependable forensic analytical solutions in large number of cases to the Courts, Police, Government, Banks & Financial Institutions, Insurance Companies, Law Firms and individuals.
The decade-long services rendered by Truth Labs, enhanced, public safety, protected privacy and ensured justice inmore than 10,000 cases. Truth Labs thus promoted transparency, strengthened integrity and empowered citizens and endeavored to keep the society honest, accountable and responsible with its ISO certified world class services serving as an Alternate Dispute Resolution Mechanism. Several State Governments, Banks, Insurance Companies, Hospitals etc. have empaneled the services and signed MOU’s with Truth Labs seeking services on regular basis.
All these cases are resolved by the seasoned experts of Truth Labs specialized in a wide range of forensic technologies such as Cyber Forensics, Digital Evidence Analysis, Data Analytics, Audio-Video Authentication, Speaker Identification, Personal Identification, Forgery Detection, Deception Detection, DNA Analysis, Forensic Accounting and End to End Investigations for investigation of economic offences such as fraud, corruption, bribery, forgery, cheating, theft, misappropriation, malfeasance, pilferages, conflict of interest and other internal wrong doings.
More than 10,000 reports given by the seasoned experts of Truth Labs who were all the erstwhile Director and Heads of Central and State Forensic Science Laboratories are accepted by the Policeand Courts as legally admissible evidence in the Courts of Law under Section 45 of the Indian Evidence Act. Expert testimony has already been given by these experts in the Courts across the country including High Courts, Sessions & Subordinate Courts, CBI Court, ACB Court, Military Court, Tribunals as well as Metropolitan Magistrate Court, London and Supreme Court, Kuala Lumpur
The idea of Truth Labs International emerged out of the growing needs and demands from the corporate, banking and financial agencies in India interested in managing the risks by investigating the alleged misconduct and fraud and measuring its financial implications through a set of evidence recovery and forensic analytical tools and techniques including audits and due diligence. As the existing services of Truth Labs, set up 10 years ago, are limited in scope serving mostly the police, courts and individuals in handling traditional crimes, the need for an exclusive agency to cater to the demands of corporate fraud risk management services are felt now by several organizations and hence this timely new initiative from the founders of Truth Labs.