International Fraud & Asset Tracing 2025

1. Law and Practice

1. Fraud Claims

1.1 General Characteristics of Fraud Claims

Fraud has been expressly defined in various statutes such as the Companies Act, 2013 (the "Companies Act") and the Indian Contract Act, 1872 (the "Contract Act"). However, in all cases, a basic characteristic of fraud claims is that there must be an intention to:

• deceive another person;
• take undue advantage of them; or
• injure their interests.

Generally, a dishonest concealment of facts amounts to fraud as much as overt actions or the making of false statements. Specifically, under the Companies Act, an abuse of position with intent to deceive is also covered under fraud. The Companies Act also does not require the occurrence of loss to set up a case of fraud.