`Corruption of Rs 1,555K cr in last decade`

The menace of corruption in the country is pegged at Rs 1,555 thousand crore in the last decade, a recent study has claimed.

New Delhi: The menace of corruption in the
country is pegged at Rs 1,555 thousand crore in the last
decade and majority of it has been laundered out of India
using illicit gateways, a recent study has claimed.

According to a first of its kind report on `Ascertaining
size of corruption in India with respect to money laundering`,
an individual spent over Rs 2,000 as a cost of corruption in
2009, which is 260 per cent higher than the amount borne by
a citizen ten years back.

"In the past decade, money laundered out of India was at
least Rs 1,886 thousand crores or USD 419 billion. This
quantification of the laundering is worked out on the
most pessimistic manner and by considering the global
parameters," it said.

"If the Gross Domestic Product-based money laundering
model is translated to quantify the corruption, then the size
of corruption in the last decade is Rs 1,555 thousand crore or
USD 345 billion in India," the report said.

The study was conducted by a Pune-based company, which has pioneered in fraud examination, security, risk management and forensic accounting research and has been for long helping the country`s investigating agencies like CBI in several high profile cases.

It is based on the analysis of scarce data available for
measuring money laundering described through three models--
property recovery, crime based and GDP based.

"The three models gave details of quantum of money
laundering. They are based on the statistics by National Crime
records Bureau (NCRB)," said Mayur Joshi, an anti-fraud
and money laundering expert and founder member of the firm
which had assisted CBI in the multi-crore Satyam scam.


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