‘Private detective market in India growing 30% annually’
With exponential growth in financial frauds as well as a growing requirement for background screening by companies and individuals, the private detective market is India is growing at a rate of around 30 per cent annually and is expected to reach Rs 1,700 crore by 2020. This was revealed by speakers at the inaugural session of the 92nd Annual Conference of the World Association of Detectives (WAD) on Thursday.
“The market for private investigation is huge in India. It should be in the range of Rs 500-600 crore. It is expected to grow by 30 per cent annually. As there is now background screening of top and middle- level executives who join a company, due diligence in mergers and acquisitions, keeping tabs on counterfeit goods and trade, insurance and credit card frauds, marriage frauds due to influx of matrimonial websites etc. We need a lot of new detectives. The number could be around 50,000 in the coming years,” said Kunwar Vikram Singh, WAD president who will take over as WAD chairman at the end of the three-day conference, a first for an Indian.
Singh, who is also the chairman of Central Association of Private Security Industry (CAPSI), further said to provide licences to private detectives, as this business needs to be a certified professional field, the Government has brought an Act in Parliament for licencing and creating Dos & Dont’s for the sector.
“We expect this Act will be passed soon. This will pave way for Government to work with private detectives. After the murder of a child in a school, many educational institutions are talking to private detective agencies to do a security audit and do background check of the employees,” he noted.
This year the WAD annual conference is witnessing participation from more than 150 detectives from over 50 countries to brainstorm on challenges and opportunities in the sector. Lt Gen (retd) Rajinder Singh, former Director General (Infantry) in Indian Army and former Commander of UN Peace Keeping Forces, inaugurated the event.
Singh said that financial crimes specifically have grown by leaps and bounds and this is an area that private detective agencies can tap more. Issues like tracking black money, people who disappear after embezzling money are a growing concern. “We can help the Government in locating such individuals. We are here to support Prime Minister Narendra Modi’s call for a corruption free India,” he said.
“In the last couple of decades the world has evolved exponentially, specifically in terms of how the society is governed and the role of citizens in it and how businesses are run. In this backdrop, there are entities and individuals who are tempted to take short cuts for reaping benefits in a short span of time and it is here that private detectives can play a major role in checking such illegal and undue influences on the society and businesses,” Lt Gen (retd) Singh said.
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