2025, Vol. 8, Issue 2

author(s)
Akshat Bhala

abstract
The world is experiencing a digital revolution that has introduced a new wave of enhanced communication and virtual transactions. Given the worldwide, borderless, virtual, and anonymous nature of internet and the rising digitalization of economy, the issue of financial frauds arises, resulting in ambiguity when it comes to localizing the dispute, identifying the applicable law, the massive price of financial frauds to the economy, and so on. The resilience of a nation's banking and financial system plays a pivotal role in assessing the overall welfare and quality of life experienced by its population. This paper discusses about Financial Frauds, examining the legal system's role and obligations through an analysis of relevant literature in both global and local contexts. Additionally, it explores the legislative and executive measures currently in effect, and examines instances of banking fraud to gain insight. The paper concludes by offering recommendations for the prevention of financial frauds through the implementation of early detection and redressal mechanisms.