Tendering,Frauds,Financial,Mat business, insurance Tendering Frauds In Financial Matters
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Overcharging in cost type contracts Overcharging in cost type contracts refers to schemes bycontractors to defraud the government by charging additional amount oncost-type contracts. The contractor can do so in a number of ways, includingcharging labor costs incurred on a private fixed price contract to thegovernment cost-plus job, or by charging the same amount of costs to two or more contracts. Concealing the original cost Concealing the original cost occurs if government contractorsfail to disclose accurate, current and complete pricing date in contractproposals on cost-type contracts. The contractors can use inflated costs inproposals for labor and materials, submit fake price quotations from phantomsuppliers, fail to disclose discounts, falsify supporting documentation, orresort to other tactics in an attempt to improve their profits.Factitious, elevated or duplicate invoicesTendering companies can intentionally produce false ,duplicateor inflated invoices.(Meaning that no services were provided)The Plan can involve contractor acting alone or in collusionwith an employee of the victim department who shares in the profits. Inappropriate use of pettycash Inappropriate use of petty cash fund (also known as specialoperating accounts) is a common game. Petty cash can be embezzled or usedimproperly by contractor or employees. The employees might submit false orinflated requests for reimbursement of expenses, use the fund for personal orunauthorized expenditures or double the cream by submitting reimbursementboth to fund and accounts payable.
Tendering,Frauds,Financial,Mat