Get It Lease is a division of Mons Huygens Solutions Private Limited, a company incorporated under the Company Act, 1956. This Anti-Fraud Policy outlines the guidelines and procedures to be followed by all employees and stakeholder of Get It Lease (hereinafter referred to as the “Company”) in order to prevent, detect, and address fraudulent activities. The policy aims to maintain the highest level of integrity, transparency, and ethical behaviour within the organization.
What is Fraud?
Fraud is a wide term which is nowhere specifically defined under law. However, the term is used synonymously with cheating, which is defined under Section 415 of the Indian Penal Code, 1960. Unlike error, fraud is intentional and involves deliberate deceiving, concealment, misrepresentation of facts by one party, resulting in the victim suffering the loss and the preparator achieving the gain.
Scope of Policy
This Policy applies to fraud detected in the Company by its employees, directors, contractual/ temporary staff. It also applies to all the situation wherein any client or third party is cheated/ defrauded by any person personifying to be an employee, director or any representative of the Company. The Policy entails the fundamentals to prevent, deter and detect fraud viz.:
Create and maintain a culture of honesty and high ethics, including understanding and awareness of risks and controls;
Identify and assess the risks of fraud and implement the processes, procedures and controls needed to mitigate the risks and reduce the opportunities for fraud; and
Develop an appropriate oversight process.
Objectives of Policy
The policy has been framed to enforce controls so as to provide a system of detection and prevention of fraud, reporting of any fraud or suspected fraud and appropriate dealing of issues relating to fraud. The policy aims to ensure that:
Management is aware of its responsibility for detection and prevention of fraud, misappropriations, and other inappropriate conduct. The Management is to ensure that procedures and systems exist in the Company which minimize the incidence of, and opportunity for fraud and irregularities.
Any fraud that is detected or suspected must be reported immediately to the Officer appointed for the purpose of co-ordination of preliminary investigation.
To conduct investigations into fraudulent activities.
What action constitutes of fraud?
Fraud or suspected fraud refers to but is not limited to:
Forgery or alteration in financial instrument and financial document;
Forgery or alteration in any document;
Misappropriation of funds, securities, assets etc.;
Concealment of facts imperative to the business transaction;
Manipulation is the books of accounts;
Profiteering as a result of inside knowledge of company activities;
Zero Tolerance against fraud
The Company at all costs does not tolerate any dishonest or unethical behaviour. The Company takes conscious steps to mitigate fraud.
Fraud by impersonating
Fraud is broad and can be played upon any third party/client by any person/ entity who is not associated with the Company, by impersonating itself as one of the employees, associates, directors or representatives of the Company. In the aforementioned event, the company shall not be liable to any third party/ client for any fraud played on it. The impersonating person/entity can commit fraud through:
Phone call;
E-mail;
In person visit impersonating someone from the Company;
fair kiosks;
** The Company officials always approach the clients/ third party by official e-mail ids having domain “getitlease.com” and not any personal e-mail id. Offer given by any other e-mail id besides having domain, getitlease.com shall not be construed as a valid communication/offer/agreement by the Company.
Reporting Procedure:
Any fraud played upon the Company by either its employees, agents, associates or representatives shall be directly reported to the Head of HR, who shall investigate the matter. In the event, fraud has been played upon by the Company by any of its clients or supplier, any person may report it to the Officer appointed by the Company whose details are mentioned herein below:
Email id: legal@getitlease.com
The fraud shall be reported in writing or in alternative, the appointed Officer can record the statement of the person reporting it, in writing. The Company undertakes that the details of the person reporting fraud will be kept confidential and in no circumstances discuss with any other person. The appointed Officer shall maintain utmost confidentiality at all times.
In the event, fraud is played upon any third party/ client by any person/ entity impersonating the Company shall file a complaint with the appropriate authority as per the applicable law.
Investigation
When any incident of fraud or suspected fraud is reported by any of the Company’s employee, agents, associates or representatives to the Head HR, the Head HR shall initiate the investigation within 24 working hours and conclude it within 30 working days. The HR Head in consultation with the management may take actions including but not limited to immediate termination, suspension and penalty/fine and/or legal recourse. It is imperative that the details of the person reporting fraud/ suspected fraud shall remain confidential by the Head HR and that person shall not in any way involved in the investigation.
In the event, the fraud is played upon Company by any of its client or third person and reported to the Officer appointed by the Company. The Officer shall start the investigation within 24 working hours and conclude the same at the earliest but not later than 90 working days. The Officer though not bound but may take legal recourse against a person involved in playing fraud, whether directly or indirectly. The Company and the person reporting fraud/ suspected fraud undertakes to cooperate with the Officer to the fullest extent. The Officer shall provide a detailed report with a conclusion.
Fraud Prevention
Code of Conduct: The Company has a comprehensive Code of Conduct that sets out the expected behaviour and ethical standards for all employees. All employees must familiarize themselves with the Code of Conduct and comply with its provisions.
Awareness and Training: Regular training programs will be conducted to raise awareness about fraud, its impact, and the methods to prevent it. Employees will be educated about red flags, reporting mechanisms, and the consequences of non-compliance.
Segregation of Duties: Roles and responsibilities will be clearly defined, and appropriate segregation of duties will be implemented to minimize the risk of fraud. No single individual should have complete control over any critical function or process.
Internal Controls: Effective internal controls, including checks and balances, authorization procedures, and periodic audits, will be established to deter and detect fraudulent activities. These controls should be regularly reviewed and updated to address emerging risks.
Whistleblower Policy: A confidential and anonymous whistleblower policy will be established to encourage employees and stakeholders to report suspected fraud or misconduct. The policy will ensure protection from retaliation for those who report in good faith.
All clients, consultants, business partners, suppliers, associates, etc. shall be required to certify that they would adhere to Anti-Fraud Policy of the Company and not indulge or allow anybody else working in the Company to indulge in fraudulent activities and would immediately apprise the Officer appointed by the Company of the fraud/suspected fraud as soon as it comes to their notice. In case of failure to do so, the Company may debar them for future transactions.
Policy Review
This Anti-Fraud Policy will be reviewed periodically to ensure its effectiveness, relevance, and compliance with regulatory requirements. Any necessary updates or improvements will be made to strengthen the prevention and detection of fraudulent activities.
Last Update: 5th July 2023