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Financial crimes are pervasive threat to economy, says CBI director

New Delhi: The "pervasive" threat of financial crimes and corruption is a challenge to the country's economy and global efforts are required to combat this menace, CBI chief Ranjit Sinha today said.

"The growth of economy and its globalisation in the past three decades is primarily enabled by technology. The fraudsters are not lagging behind in adopting technology in committing financial crimes. In fact, they are quite adept at using technology to commit crime," he told an international conference of sleuths here.

 Financial crimes are pervasive threat to economy, says CBI director

Ranjit Sinha. AFP.

"Such pervasive threat of crime and corruption poses significant challenges not only to corporates but also to the nation's economy itself," he said, addressing law enforcement officials and experts from a number of countries, on the topic of 'Financial Crimes'.

The CBI director said the complexity of such crimes have increased with the passage of time and in these times of electronic transactions, the menace affects many countries in one go.

"We all know that financial crimes are not a new phenomenon. It took birth along with trade and commerce. As it is the outcome of greed, it is as old as the civilisation itself. Only the complexity and the quantum has changed with the times," he said.

In this era of globalised economy and electronic banking and commerce, Sinha said the threat faced is also global.

"No nation, however powerful, can take up this formidable challenge single-handedly. There is an urgent need for concerted international action and the conferences like this lay the foundations for forging such alliances for enabling a collective and cohesive response," Sinha said.

"This conference will also provide an opportunity for the law enforcement agencies worldwide to come together and enter into meaningful partnerships to deal with common concerns in fighting financial crimes," he said.

He also complimented Finance Minister P Chidambaram, chief guest for today's conference, for "completely re-orienting" India's internal security apparatus during his tenure as Union Home Minister.

"... We all admiringly remember your inspiring leadership post 26/11 Mumbai attack. Not just the law enforcement community but the entire nation gratefully acknowledges the perspicacity with which you transformed the counter-terrorism and anti-Naxal capabilities which yielded instant and spectacular results," he said.

"Your in-depth knowledge of laws and immense capacity to lead from the front completely re-oriented the internal security apparatus and lent it much needed direction and purpose," Sinha his in his foreword before Chidambaram made his speech.

PTI

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Updated Date: Nov 12, 2013 19:38:18 IST