Our study of FMCG-personal goods industry shows significant presence of illicit market which is also growing – from 25.9% in 2012 to 31.6% in 2014. This has adversely impacted innovation and investment, none of which is good for the businesses, government or consumers. The resultant loss to the industry was Rs 15,035 crore in 2014, which is a cause of serious concern.
Illicit markets also undermine employment and raise prices of products as companies increase security systems to counter organised criminal activities. Fake and spurious goods can have serious health and safety implications. A collaborative effort from all the stakeholders is needed to tackle the menace. For further details please view our report.…
Organizations lose 5% of their revenues to fraud each year with potential global fraud loss projected at more than $3.5 trillion!
Association of Certified Fraud Examiners 2012 Report to the Nations