Corporate fraud, whether big or small has become a persisting phenomenon now these days. If someone delves down the surface of the corporate world, he will come across a continuous stream of crucial corporate scams which are approximately unbelievable in the sheer scale of their subterfuge. The perpetrators of such frauds intricate their web of deceit, entice the stakeholders initially to invest their hard earned money and become fugitives someday by allegedly duping these stakeholders leaving them behind for terrible consequences. It becomes imperative to spread awareness by engaging the readers to enlighten them about the major causes of such frauds, enable them to analyse fraud risk and accordingly legal remedies available under different regulatory frameworks for effective fraud preventions, in turn minimizing financial catastrophes.