Corrective Action :
An important corrective step in a fraud is recovery of the amount siphoned off through the fraud. A structured scrutiny/ examination of events or
transactions would lead to quick conclusion whether a fraud has occurred and the bank’s funds have been siphoned off. Therefore, this exercise is the first critical step towards corrective action in the sense that it would lead to expeditious filing of police complaints, blocking/ freezing of accounts and
salvaging funds from the blocked/ frozen accounts in due course.
Once a set of transactions is explicitly identified as fraudulent, the mandate for seizing and taking possession of related documents, issuance of
suspension order/ order to proceed on leave to identified/ suspected employees would be easier thereby preventing them from destroying/ manipulating evidences or obstruction of investigations.