Masters in Financial and Economic Crimes (MFEC), a one-year hybrid programme designed for professionals to build expertise in financial and economic crime prevention, commenced at Rashtriya Raksha University (RRU) in Gujarat.
MFEC is the first of its kind programme in India, it combines theoretical foundations with practical training to address emerging challenges in this domain.
Launched by the RRU in collaboration with the Indian Institute of Corporate Affairs, the programme aims to strengthen the nation’s financial security and contribute to the vision of a ‘Shashakt Bharat’.
As per an official release, speaking on the occasion, Karnal Singh, former director, Enforcement Directorate and Director General, Indian Institute of Corporate Affairs (IICA), congratulated the participants for being part of the first cohort of the pioneering programme, a course unparalleled anywhere in the country.
Emphasizing the national importance of this cohort in addressing emerging financial and economic crime challenges, Singh highlighted evolving forms of fraud such as GST frauds and insolvency-related frauds, and further elaborated on the misuse of investments in fraudulent activities.
“Investments should never be against national security,” he was quoted as saying in the release.
He also drew attention to the importance of non-financial reporting as a critical area of study for the participants.
Singh explained how this programme can significantly contribute to the vision of Viksit Bharat @2047, with possible outcomes such as the development of a search engine for inter-bank transactions and the establishment of a Centre for Cyber Frauds.
Gyaneshwar Kumar Singh, Director General, IICA, spoke about the relevance of the MFEC programme for anti-money laundering (AML) frameworks.
He observed how the nature of economic crimes has transformed from relatively simple hawala transactions into multi-layered and structured frauds, which pose increasing challenges even for specialized agencies such as the Serious Fraud Investigation Office (SFIO).
He elaborated on the implications of non-disclosure in cyberspace and the urgent need for advanced strategies to address cyber-enabled economic crimes. Further, he introduced the innovative concept of KYC that is Know Your Company, emphasizing its utility in the evolving corporate and regulatory landscape.
Another speaker Kalpesh H Wandra spoke about the vision of the Prime Minister for strengthening the pillars of economic integrity and financial resilience, and how Bimal N Patel, Vice-Chancellor, RRU, is realizing this vision through the MFEC programme.
He also outlined the University’s ongoing and future initiatives in financial and economic crime prevention, including outreach to FATF, close engagement with the Ministry of Finance and many others. He extended his best wishes to all participants for a meaningful and fruitful Campus Immersion Week.