The courts have held that the offence consists of two distinct elements in fraud A prohibited act of deceit, falsehood or other fraud means. In the absence of deceit or falsehood. The fraud must be caused by the prohibited act, and fraud must relate to property, money, valuable security, or any service. The Court has held that fraud is satisfied on proof of detriment, prejudice or risk of prejudice; it is not essential that fraud is actual loss.
And fraud of confidential information, in the nature of a trade secret or copyrighted material that has commercial value, fraud has also been held to fall within the scope of the offence. According to a review by the business fraud accounted for, while fraud against individuals was estimated. Although victims of fraud are generally referred to the national fraud.
It is found that there was “little chance” that these fraud reports would be followed up with any kind of substantive law enforcement action, according to the report.it was reported that fraud activity levels increased in the last few years .This figure would be a conservative estimate, since as the former commissioner of the City, has said, only 1 in 12 such fraud are actually reported. director of economic crime command, stated for fraud before some years “The annual losses to the from fraud are estimated to be more than that”.