The senior manager of Mumbai booking region has been embezzling the freight logistics organisation for a decade and it took a few years for the management and audit team to realise the fraud
A Indore based consignor filed for missing package claim at booking office and Bangalore delivery tracking locations, collected claim cheques from both these centers.
3 bundles of a consignment reported missing from Kolkata by a consignee was sold in the black market by one of the freight logistics franchisees at Jaipur.
A branch manager from Hubli and a head office audit clerk at Chennai worked hand in glove to cheat the freight logistics company lakhs of rupees
Sounds familiar ? Yes it happens in most of the traditional parcel service companies… Why does this happen ?
- No checks and balances in the business process.
- Poor reporting methods and holding back information for head office
- Misuse of official stationary such as waybills and delivery receipts
- Lack of standard operating procedures
- Outdated methods adopted in reconciliation of vouchers
- No periodic audits for consignments
- Excess cash balances at branches and agencies
- Not yet adopted core banking at branches
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