- Programme aims to build national capacity against evolving financial frauds, cyber-enabled crimes, and strengthen India’s vision of Viksit Bharat @2047
NE EDUCATION BUREAU
GANDHINAGAR, SEPT 24
The Campus Immersion Week of the pioneering Masters in Financial and Economic Crimes (MFEC) Programme was inaugurated at Rashtriya Raksha University (RRU), Gandhinagar on Tuesday.
The ceremony began with the felicitation of distinguished guests by Prof. (Dr.) Kalpesh H. Wandra, Pro Vice-Chancellor, RRU. Eminent dignitaries present included Karnal Singh, Former Director, Enforcement Directorate and Director General, Indian Institute of Corporate Affairs (IICA), and Gyaneshwar Kumar Singh, Director General, IICA.
Delivering the inaugural address, Karnal Singh congratulated the participants of the first MFEC cohort, describing it as a unique programme of national importance in tackling emerging financial and economic crime challenges. He drew attention to evolving frauds such as GST and insolvency-related frauds, and the misuse of investments in activities detrimental to national security. Highlighting the critical role of non-financial reporting, he emphasized that the MFEC initiative can contribute to Viksit Bharat @2047 through innovations like developing a search engine for inter-bank transactions and setting up a Centre for Cyber Frauds.
Gyaneshwar Kumar Singh underlined the relevance of MFEC for strengthening anti-money laundering (AML) frameworks. He noted how economic crimes have transformed from simple hawala operations into complex, multi-layered frauds that challenge even specialized agencies like the Serious Fraud Investigation Office (SFIO). He also introduced the concept of KYC – Know Your Company as a forward-looking tool in the corporate and regulatory domain.
In his remarks, Prof. (Dr.) Kalpesh H. Wandra reaffirmed RRU’s commitment to advancing the Prime Minister’s vision of strengthening financial resilience and integrity. He highlighted the efforts of Vice-Chancellor Prof. (Dr.) Bimal N. Patel in driving this mission through programmes like MFEC, along with ongoing collaborations with the Ministry of Finance, FATF, and other global institutions.
The Masters in Financial and Economic Crimes (MFEC) is a one-year hybrid programme jointly launched by Rashtriya Raksha University (Ministry of Home Affairs) and the Indian Institute of Corporate Affairs (Ministry of Corporate Affairs). Designed for professionals, it integrates theoretical learning with practical training to address emerging financial and economic crime challenges. As India’s first such initiative, it aims to strengthen financial security, build global best practices, and contribute to the vision of a Shashakt Bharat.
