Smarak Swain (MPA 2021), a and tax diplomat at Government of India, has published
The Great Indian Fraud: Serious Frauds Which Shook the Economy by Bloomsbury India in 2021.
In his new book, Smarak has exhaustively explained the modus operandi of all major types of financial frauds: securities fraud, bank fraud, accounting fraud, origin fraud, EXIM fraud, GST fraud, Ponzi schemes, and pyramid schemes. The book contains narration of interesting cases of financial fraud that have mired India in last sixty years, and goes on to show how big frauds can escape the long arms of law unscathed, while honest and law abiding people have to plan with discipline to secure a decent pension. Further, the book delves into regulatory functions of the government and gaps in regulation and supervision that fraudsters try to exploit. Swain proposes a 'whole of government approach' to policymaking in the spheres of market regulation and law enforcement.