TAIT, DQ Channels conduct 'Jaago-Beware and Be-aware' workshop

In order to spread awareness about the rise in payments defaults andfraud and

with the motto 'Jaago-Beware and Be-aware' Mumbai-based Trade Association of

Information Technology (TAIT) held a workshop on 'How to Avoid Frauds' on July

10, 2009 in associa-tion with DQ Channels. Over 100 channel partners

participated in this event.

To help partners empathize with fraud cases, two companies, which were

affected in the recent fraud cases involving ABS Infotech and Bhagyalakshmi

Computers, were asked to come forth and give a detailed account of how they were

duped. Throwing light on the modus operandi adopted by ABS Systems who duped

around 16 partners for over Rs 2 crore, Vipul Sangani of Gigahertz said, “ABS

Systems had been present in the industry for over 10 years and hence doubting

the owner Amit Sheth's intention was out of question. After being duped by them,

we have drawn a credit limit for everyone and have also started getting involved

personally in every transaction.”

Panel discussion during the event

A panel discussion was also held around business practices that partners need

to employ within their companies. Vinita Bhatia, Executive Editor, DQ Channels

moderated this event. It also saw


the participation of Dharmesh Anjaria of Dynacons, Ketan Patel of Creative

Peripherals and Distributors, Yogesh Shah of Mahavir Sys-Power and Rakesh Jain

who is a senior advocate in the Mumbai High Court and who gave insights into

legal arbitration in such cases.

Yet another issue that was raised revolved around credit mapping. To this

Patel suggested that TAIT can take the responsibility by drawing a list of

partners and involving an external credit rating agency to garner information

around the partner's background and past dealings. Members will then be

encouraged to trade only with these accredited companies who have established

enough credit worthiness in the market.

Jain underlined the legal procedures to be adopted in the event of fraud.

The panelists suggested that TAIT look at building a common database and at

appointing a credit rating agency in order to avoid instances of fraud.

Post the event, TAIT is now looking at holding yet another workshop on

'Credit Insurance'.