Asset Tracing and Fraud: New Challenges in India

AZB & Partners
Date & Time
2 May 2023 | 1:00 PM UTC
1 hour
Photo of Vijayendra Pratap Singh
Photo of Anindita Roychowdhury
Photo of Abhijnan Jha
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Fraud and asset diversions have evolved. No two frauds and asset diversions are the same. Therefore, any response to fraud prevention and asset tracing needs to evolve and cannot be restrained. 

Further, the complexity of claims on assets diverted including whether on account of competing claims by regulators, creditors and victims or on account of cross border implications or due to involvement of third parties such as investigating agencies keep in-house counsel and lawyers on many nights. 

This webinar highlight issues relating to fraud and asset tracing in three distinct contexts in India:

1. International Arbitrations
2. Insolvency and Bankruptcy 
3. White Collar Crime

With respect to arbitrations, the webinar will cover judicial developments relating to the Antrix-Devas saga which has seen Indian Courts set aside an arbitral award on account of allegations of fraud as well as legislative developments in India where fraud and corruption have been recognised as grounds to unconditionally stay an arbitral award. We also touch upon aspects of asset tracing subsequent to the passing of an arbitral award and mechanisms that may be used under Indian civil procedure to protect and safeguard interests of an award creditor. 

In the sphere of insolvency and bankruptcy, the recent Insolvency and Bankruptcy Code, 2016, incorporates several provisions which aim to tackle fraudulent trading by directors as well as other transactions which are aimed at diluting the asset value of companies undergoing insolvency resolution processes. 

Fraud has also gained importance in the sphere of financial crime in India with special agencies such as the Serious Fraud Investigation Office for looking into corporate fraud. The webinar also covers developments relating to powers of investigating agencies such as the Directorate of Enforcement in relation to financial crimes and proceeds of such crime.

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Asset Tracing and Fraud: New Challenges in India


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