Cyber embezzlement is a theft of assets by a person who stands in the position of trust over that assets which mostly occurs in a corporate sector between a employer and employee. Accounting embezzlement is a common form of crime where the accounting records are hidden to hide the theft of money. If a person is given access to someone’s property or money for the purpose of managing, using the money into best use but then the trusted person frauds the money for his personal gain it is known as embezzlement. Some fraudster take a large amount of money and disappears .Embezzlement surprises by its creativity and methods. There must be four factors which need to be present in embezzlement which are there must be an legal relationship between the parties, the fraudster should have acquired the assets legally, the fraudster must have taken ownership of the property and the fraudster action should be intentional.
There are different methods for embezzlement which submits false records of accounts usually small amount repeatedly or withdrawing a large number of amount at once , by false vendor account and supplying bills to the company ,by bribing the auditor of the company. All these crimes comes under cyber as all these money transactions through online banking. Some of the ways to safeguard against embezzlement are to separate the duties in the financial section to avoid much confusion and another way is that to move the fund from one advisor to another advisor are regular intervals and ensure the withdrawal of money from the account by any advisor.
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B.A., B.L., (Hons) IPDP., (London)
Pgd IPR., Pgd Cyber Law., Msc., (IT)
CCI., CFA., IPCL.,
Advocate, Madras High Court
Karthikeyan, is a renowned cyber law expert, who is also the Managing Partner of Law Office of Karthikeyan, a reputed law firm based in Chennai.More About Us