Accounting fraud is a white-collar crime that affects the general public and has a negative impact on the whole economy. Often, these frauds involve misuse or manipulation of public funds by the fraudsters to make huge profits for themselves. With the advancement in space of technology, cases of accounting fraud are on the rise. We have witnessed big Accounting frauds perpetrated by fraudsters like Vijay Mallya, Ramalinga Raju and Nirav Modi. The cases of accounting fraud committed in cyberspace are no less daunting. Fraudsters use the anonymity offered by the internet to commit online scams such as KYC frauds, identity fraud and UPI payment frauds etc. technology has become the weapon of choice for fraudsters. The present study aims to examine with crucial aspects relating to accounting frauds in India.

How the Accounting Frauds can be done:

• Accounting induced operational & financial decisions
• Choice of Accounting Policies
• Manipulation of accounting estimates within purview of Accounting Standards
• Fraudulent & bogus transactions
• Booking revenue expenditure as Capital Expenditure or as Deferred Revenue expenditure

Thus, the findings suggest most effective way how to know the Accounting Frauds in India.

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Keywords: Frauds, Accounting Frauds, Control Systems, Challenges, Impact, India.