Fighting Fraud in India: An Interview with the ACFE Mumbai Chapter President

CHAPTER PROFILE

“A mix of integrity, hard work and constant learning is the best policy.” This motto has driven Arpinder Singh, CFE, throughout his professional life and as president of the ACFE India – Mumbai Chapter since its formation in February 2011.

Why did you decide to enter into the anti-fraud field?

There were/are few anti-fraud professionals in the Indian sub-continent to effectively address the growing menace of complex frauds. As a chartered accountant and law graduate, I’ve worked in a number of countries and found it exciting and rewarding. India has become one of the fastest emerging economies due to evolving regulation and increased governance, so I realized that my skills would be apt to address this challenge in the larger interest of the industry.

Why did you become active with the chapter and the board?

The change in crime trends in general and technology fraud in particular. As a fraud investigator I have worked on global assignments with both proactive and reactive work involving detection and recommending frameworks to deter fraud. This gave me insights on working with global conglomerates that have a presence in various sectors. The gap I saw in emerging countries like India was that there were not enough skilled people to address this issue while working in multi-jurisdiction scenarios. To address this gap some of us came together to form the chapter so we could give professionals in this area a forum to exchange views and enhance learning.

What are the benefits of serving as a chapter leader?

The seemingly simple benefits are in fact very precious. For example, the chapter is an avenue to meet like-minded people, network with the who’s who of the fraud investigations industry and mentor aspiring fraud fighters. It has kept me connected with young as well as experienced professionals. The anti-fraud professionals remain abreast with the latest trends in frauds through the ACFE Mumbai chapter platform. I have also had the opportunity to meet and learn from other chapter leaders when I have visited other countries on work.

Do you have any advice for other chapter leaders?

Through my experience of leading the ACFE Mumbai chapter, I have realized there is so much more we can do to bring value to this profession. The more we connect, at all levels, the more enriching the experience we can have.

We must respond to all requests from budding forensic professionals on any queries to keep the interest alive. There must also be constant learning opportunities to keep professionals updated on the latest changes in our field.

What do you like to do for fun outside of work?

I enjoy sports and am particularly appreciative of cricket, as it is an apt example of how each player must bring his or her own expertise to the game to create the best possible chances for winning the match. This further helped me in strengthening the team. I am planning to organize a cricket tournament for ACFE Mumbai chapter members.

Read Arpinder's full interview on ACFEChapterNews.com.

Chief Compliance Officer Prepared to Fight Fraud 'Anywhere, Anytime'

MEMBER PROFILE

Dante Fuentes, CFE, Chief Compliance Officer  
Security Bank

“Think fraud, fight fraud, anytime, anywhere. Sacrifice for the good of others,” says Dante Fuentes, CFE. Raised in one of the most populated cities in the Philippines, Fuentes is Chief Compliance Officer for Security Bank, one of the top 10 local banks in the Philippines. Fuentes is also president of his local ACFE chapter and finds that the most rewarding aspect of his job is that he is able to help others reach their full potential from the training he gives them. “I am able to coach and mentor, learn skills that better myself, and I am able to pay it forward and assist someone else in the same way.”

When did you become passionate about fighting fraud? 
I became passionate about fighting fraud when I worked in a bank in 1978 as a savings account bookkeeper.

What do you think contributed to your success moving into your current position? 
More than the experience, the training I received from the ACFE helped me improve and achieve my goals in my current positions.

What does your current role entail? 
As the Chief Compliance Officer at Security Bank, part of my job is not only to help prevent misdemeanors and fraud in the organization, but also to lead money laundering investigations. I am the lead senior officer for purposes of administering the compliance program and interacting with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) on compliance-related issues. I also oversee the design of an appropriate compliance system, promote its effective implementation and address breaches that may arise. I report the matter to the Board, and recommend the imposition of appropriate disciplinary action on the guilty parties and the adoption of measures to prevent a repetition of the violation. I am responsible for ensuring the integrity and accuracy of all documentary submissions to the Bangko Sentral ng Pilipinas. My job requires me to have the commensurate skills and expertise to provide appropriate guidance and direction to the bank on the development, implementation and maintenance of the compliance program.

My other affiliations, such as being the president of the ACFE local chapter (ACFE – Philippines), the president of the Association of Bank Compliance Officers, Inc. (ABCOMP) and one of the Senior Advisers of the Good Governance Advocates and Practitioners of the Philippines (GGAPP), entails managing/administering my peers on matters related to fraud detection and prevention from which the knowledge and experience I acquired from being a CFE was a big help.

What are the best opportunities for someone entering into your career? 
The best opportunity for someone entering into a career like mine would be the experience gained through the years of exposure in your field of endeavor and proper training.

What do you wish you knew (but didn’t) when you first contemplated this career? 
I wish I knew in the early part of my career that there was a formal organization of fraud warriors.

Is there a memorable case or project that you have worked on? 
Indeed I do. My most memorable case with fraud was very painful. Early in my career, I investigated my best friend, who was my co-employee in a bank. He recommended me to the bank where we both worked, and his parents and my parents are very close friends. When my best friend was suspected to have abstracted cash, I was assigned to do the investigation and make a recommendation. The problem was, should I exonerate my friend or do what is right? I chose to do what is right. My best friend was terminated. I did not realize then that I had to go through and experience this emotional process and overcome it to be a better fraud fighter.

After the first experience, almost 200 more fraud investigations followed. Most of the fraud cases I have investigated in the banks I worked with were committed by first-time offenders, therefore easier to investigate and prosecute – unlike a money laundering investigation which is a more complex and sophisticated fraud committed by seasoned, learned and mostly powerful people.

What do you consider to be the most important values a CFE must have? 
The most important values of a CFE are to have a strong character and moral integrity.

When you are not working, what types of things do you enjoy doing? 
My Monday and Wednesday nights are for bowling. This is my “me” time with friends. In fact, I just bought my new bowling shoes when I attended the conference in Baltimore.

Read Dante's full profile in the Career Center on ACFE.com.

ACFE Awards Nominations Now Open

GUEST BLOGGER

Ashley Stone, CFE
ACFE Chapter Development Manager

The awards season is upon us yet again and this year, fraud is in the spotlight. The Wolf of Wall Street, a film focusing on securities fraud and corruption, is nominated for five Academy Awards.

While the film industry is glamorizing fraudsters, the ACFE is recognizing the stars of the anti-fraud profession with awards of our own.

You don’t have to be a member of the Academy to nominate a fellow fraud fighter or ACFE chapter to win their own shiny award.

Now is your opportunity to help decide who should be recognized for their achievements and service.

Nominations for the ACFE Awards are now being accepted in the following categories:

• Certified Fraud Examiner of the Year: presented to a CFE who has demonstrated outstanding achievement in the field of fraud examination
• Educator of the Year: presented to an ACFE educator member who has made an outstanding contribution in anti-fraud education
• Chapter of the Year: presented to an ACFE Chapter that is active and in good standing with the ACFE
• Chapter Newsletter of the Year: presented to the Chapter Newsletter that is of highest quality and is delivered to recipients on a regular and timely basis
• Achievement in Outreach/Community Service: presented to an ACFE member who has made an outstanding contribution in the community

Award winners will receive a unique, etched glass award, recognition in Fraud Magazine and on ACFE.com and honored at the 25th Annual ACFE Global Fraud Conference in San Antonio, Texas, June 15-20, 2014.

Submit your nominations here. A follow-up questionnaire will be sent to each nominator via email to obtain more information. All nominations and questionnaires are due by March 14.

ACFE South Africa Chapter Conference Wraps Up in Johannesburg

LIVE FROM THE CONFERENCE

Allan Bachman, CFE

ACFE Education Manager

Monday morning during the opening session of the Fifth Annual South African ACFE Chapter Fraud Conference I said, “Good morning” in 12 languages, representing most of the 18 nations in attendance. My efforts were well received and much appreciated, and it created an immediate bond with the attendees. Every ACFE conference is truly an international event, and this event was no exception.

The South African ACFE Chapter Fraud Conference is the second largest anti-fraud conference in the world after our ACFE Annual Fraud Conference. This conference, however, is fully hosted by the ACFE South Africa Chapter. This year, they welcomed more than 700 attendees over three full days of events; quite an accomplishment.

Speakers from across Africa addressed issues familiar everywhere: bribery, corruption, procurement fraud and much more.

Keynote speaker Stephen Powell, a former prosecutor from Cape Town, had the attendees amazed and amused with his stories of corruption and his personal examples. His expertise in international laws against bribery and corruption made him a perfect fit for the conference. Another keynote included the current public prosecutor in South Africa, Thuli Madonsela, who praised the efforts of Certified Fraud Examiners in their ongoing efforts to deter and detect fraud. Read more about Madonsela's address.

I saw many attendees whom I had the privilege to meet at one of our earlier ACFE Annual Fraud Conferences, and I made many new acquaintances from almost every country in Africa. Their problems are both common to all anti-fraud professionals and unique in some respects. The coordination, collaboration and cooperation among countries remain critical to the anti-fraud effort.

I would like to thank Jaco de Jäger, the ACFE South Africa Chapter and the staff that hosted me. It was truly a successful event that I hope to attend in the future.

Fighting Fraud in Mumbai

GUEST BLOGGER

Alani Mundie, CFE
ACFE Law Enforcement Liaison

With more than 20 million residents and an immense array of flavors, scents and sights, Mumbai, India, is a city that overwhelms the senses. Sidewalks teeming with tourists, shoppers and vendors selling scarves, artisan crafts, fruits and jewelry border the even more crowded streets filled with Mumbai’s noisy traffic. Cars, rickshaws, busses, motorcycles and bicycles travel within inches of each other with little regard for marked traffic lanes, making transportation in Mumbai an adventure of its own.

On a recent trip to Mumbai, John Gill, J.D., CFE, ACFE’s VP-Education, and I were able to experience the chaotic traffic adventure en route to a meeting with the ACFE Mumbai Chapter. Amidst the bustling streets, the chapter is busy supporting its membership and anti-fraud efforts in the region. Chapter President Arpinder Singh, CFE, Partner and National Director of Fraud Investigation and Dispute Services at Ernst and Young, has grown the Mumbai Chapter significantly since it was formed in January 2011. Along with Chapter Secretary and Treasurer Amit Rahane, Associate Director of Fraud Investigation and Dispute Services at Ernst and Young, the two chapter leaders are actively expanding the anti-fraud training opportunities available to their members.

There are currently three ACFE Chapters in India: Mumbai, Delhi and Bangalore. The Mumbai Chapter is one of the largest, with more than 220 members from various professional sectors such as the big four accounting firms, banks, regulatory agencies and law enforcement. As the chapter continues to grow and attract professionals from in and around Mumbai, Singh and Rahane are working to keep pace with their impressive membership growth by providing an array of anti-fraud training opportunities. Chapter events for this year include a seminar on banking and insurance fraud and a conference that tackles several pertinent issues, such as: trends in retail fraud in India; the role of technology in preventing and detecting frauds; bribery and corruption; proactive fraud prevention; and many other important fraud-related topics.   

In meeting with our Mumbai Chapter, we learned of the growing presence of anti-fraud awareness in India and experienced first-hand the tremendous role that chapters have in enhancing that awareness locally. There are nearly 1,100 ACFE members in India and as our Indian membership continues to expand, we look forward to working with Indian chapter leaders to support the growth of anti-fraud efforts throughout the country.

Pictured (from left to right): Vinay Garodiya, Senior Manager, Fraud Investigation & Dispute Services, Ernst & Young; Amit Rahane, ACFE Mumbai Chapter, Secretary, Treasurer and Associate Director, Fraud Investigation & Dispute Services, Ernst & Young); Nandkumar Saravade, Director, Citi Security and Investigative Services, South Asia; Arpinder Singh, ACFE Mumbai Chapter President and Partner and India Head Fraud Investigation & Dispute Services, Ernst & Young; John Gill, ACFE VP - Education; Alani Mundie, ACFE International Law Enforcement Liaison; Satish Shenoy, Jt. General Manager,Corporate Audit Services, Larsen & Toubro Ltd.; Mukul Shrivastava, Mumbai Chapter Board Member and Executive Director, Fraud Investigation & Dispute Services, Ernst & Young