Ajay Singh, southdelhinews.com
New Delhi, October 12: With exponential growth in financial frauds and well as growing requirement for background screening by companies and individuals, the private detective market is India is growing at a rate of around 30% annually and is expected to reach Rs 1,700 crore by 2020.
This development comes in the backdrop of India hosting the 92nd annual conference of the World Association of Detectives (WAD), a global alliance of private detectives that was established in 1925 and is the oldest established and largest association of private investigators in the world. Its members are spread over 80 countries. Previously, India hosted this prestigious annual meet of private investigators from across the globe in 1984.
This year the annual conference is witnessing participation from more than 150 detectives from over 50 countries for the three-day event to brainstorm on challenges and opportunities in the sector.
During the three-day event, global private detectives and investigators will call upon key government officials to discuss issues ranging from terrorism to financial frauds to trafficking to counterfeiting among others.
Kunwar Vikram Singh, the present WAD President said, “It is a honour to host this prestigious event in India. Here issues that hold significance for India such as black money, counterfeit currency, anti-corruption, cyber security threats will be discussed”.
On the future prospects for the private detective market in India, Singh said that financial crimes specifically have grown by leaps and bounds and this is an area that private detective agencies can tap more. Issues like tracking black money, people who disappear after embezzling money are a growing concern.
“We can help the government in locating such individuals. We are here to support the government, like Prime Minister Narendra Modi has called for a corruption free India,” he said.
Singh added that to provide licences to private detectives as this business is growing and it needs to be a certified professional field, the government has brought an act in Parliament for licensing and create Dos & Dont’s for the sector. “We expect this act will be passed soon. This will pave way for government to work with private detectives,” he noted.
After the murder of a child in a school, many educational institutions are talking to private detective agencies to do a security audit and do background check of the employees.
“The market of private investigation is huge in India. It should be in the range of Rs 500-600 crore. It is expected to grow by 30% annually. As there are now background screening of top and middle level executives who join a company, due diligence in mergers & acquisitions, keeping tab on counterfeit goods and trade, insurance frauds, credit card frauds, etc. We need a lot of new detectives. The number could be around 50,000 in the coming years,” Singh said.
Singh, who is the Chairman of Central Association of Private Security Industry (CAPSI), will take over as the first Indian Chairman of WAD at the end of the annual conference.
Lt. Gen (retd) Rajinder Singh, former Director General (Infantry) in Indian Army and former Commander of UN Peace Keeping Forces, inaugurated the event.
In his inaugural speech he said, “Private investigators can play a big role in checking corruption in the corporate world. Besides, corporate world’s success today depends to a large extent on the novelty of an idea or intellectual property rights (IPRs) that they create and they need to protect it. Therefore, there are a number of people, competitors, etc, who would be interested to know what you are doing. So there are attempts to buyout people, bribe key officials, etc to get that information. Detectives come in here for protection and they have a great role in ensuring that ethical behaviour takes place.”
Cyber security is another domain that has become very important. So much data is being consumed today and there are meas