There are endless types of employee frauds that occur daily in firms. Most of these fraudulent practices can be well averted in time if the candidates undergo a background verification check before they are onboarded. Embellished resumes have increased from 30 per cent to about 55 per cent as per reports collated by Indian publications. The chief reason for misrepresenting oneself is to bag that job and become financially stable. Sometimes, certain companies are pressed for time when it comes to filling positions and so, thorough fraud mitigation does not get conducted on the applicant. A cursory glance at the academic credentials and going over the Identity proofs such as one’s PAN, AADHAR and Voter’s ID card suffice it. In Gujarat, an employee working for a subsidiary of an online retail giant had cheated the company of approx. 9 lakhs. He was the supervisor of the retailer’s godown had collected the sum of 9 lakhs through online deliveries but had failed to deposit it. He kept transferring the cash intermittently and by the time, the owner discovered the scam, he had absconded.

Background verification

Such incidents reinstate how important and imperative it is to check someone’s background before entrusting them with critical tasks. The losses are impossible to recover, and nothing can be reversed if the checks aren’t performed in time. Firms should be wary of such occurrences and act responsibly instead of attempting to save a few hundred and cutting corners.
At a Mumbai office of the Employees Provident Fund Organization (EPFO), the Central Bureau of Investigation had probed a case where certain employees had siphoned off Rs 18.97 crore from a common PF pool through consistent withdrawals. Although the CBI has booked them and slapped them with charges, it is extremely harrowing for the people who run the company as well as for those whose money had been siphoned. A sense of mistrust creeps in and this leads to the birth of many psychological conditions in them. If money isn’t safe inside institutions such as these, people will gradually run out of alternatives to store them in a secure manner.
Two-timing or being a part of two companies simultaneously is also witnessing a rise especially post the pandemic. In Delhi , where cases of Covid were quite high and several waves swept through the city, an IT firm employee refused to attend physical meetings that were held once every month. He was hired virtually during the pandemic. He always came up with novel excuses such as the fear of contracting the disease or his vehicle breaking down to avoid turning up. His juniors cautioned the management when they noticed that his official email was always used to send large files to some other multinational. An enquiry ensued during which it was found out that he had taken up another job with a Multinational without quitting. This phenomenon which is also known as moonlighting has gained quite some traction. A need to check the social media profiles of these candidates becomes vital. They usually conceal their work-related details on platforms such as LinkedIn.
A storekeeper at AIIMS, Delhi was arrested along with his associates for fictitious deliveries of eye drops, ointments, and other optical medicine. The money released for these medications was personally used by them for their expenses. As per an article that came out in the Hindustan Times, the duo has been accused of duping the institute of over 13 crores. They would forge purchase documents, supply orders and inspection notes and would then secure the release of payments. This has come as a big jolt for the entire medical fraternity of the esteemed AIIMS.
Many such horror stories with regards to improper employee conduct exist and they can be put an end to if these individuals are screened before they are hired. The turnaround time for a comprehensive background check is usually 8-9 days.
As per the Government of India, 6 out of 10 applicants falsify their credentials during the process of onboarding. A credible background verification firm will educate you in the areas that you need to be aware of. The ever-altering policies, reforms and legislations are something you cannot evade. Seeking the assistance of a proper background check company will put you in safe hands.
Some of these firms that provide end-to-end background verification services have the know-how of what entails during a screening. The courts that they need to go to, the government agencies, data providers and the like will only be known to a firm that does the work of fraud mitigation professionally.
Millow is India's bankable background verification company. We leverage our proprietary technology & stringent processes and provide you BGV reports in the shortest amount of time. If you need to get your employees, vendors, business partners, loan applicants, or even yourself/profile verified, do reach out on:
Email: info@millow.io
Contact: 011 41219183