“There are three things in the world that deserve no mercy – hypocrisy, fraud, and tyranny” – Frederick William Robertson. There is no universally accepted definition for the term “fraud”. The laws in many countries do not define fraud; it actually needs no definition; it is as old as falsehood and as versatile as human ingenuity.
Fraud is a generic term embracing all the multifarious means which human ingenuity can devise and are resorted to by one individual to gain an advantage over another by false suggestions or by suppression of the truth. 3.