KISHOR PANCHAL
Fraud Risk, Investigations & Governance
Mumbai
Work Preference
Summary
Results-driven Fraud Risk & Investigations Leader with expertise in fraud control, financial forensics, and enterprise risk mitigation. Leads PAN India Fraud Control Unit operations, managing investigations, enforcement coordination, and resource allocation. Skilled in addressing complex fraud matters and enhancing risk frameworks through collaboration with senior stakeholders and regulatory bodies. Seeking strategic leadership opportunities across India.
Overview
3
3
Certification CFE , CIFAP , Fellowship (FIII)
11
11
Years of Professional Experience in Fraud Risk & Investigations
20
20
Crores Saving/Prevention per Year
18
18
years of professional experience
Work History
Vice President – Fraud Risk & Control (FCU)
IndusInd Nippon Life Insurance
Mumbai
12.2014 - Current
- Led the PAN India Fraud Control Unit (FCU) operations, overseeing fraud investigations, financial forensics, governance, surveillance, enforcement coordination, and enterprise fraud risk mitigation.
- Managing complex investigations involving financial irregularities, forged documentation, intermediary frauds, identity manipulation, and organized fraud patterns.
- Conducting financial forensics and money-trail analysis to establish evidence trails supporting enforcement actions.
- Strengthening fraud risk management frameworks, governance mechanisms, and preventive controls across operational functions.
- Overseeing regulatory fraud reporting, including Fraud Monitoring Reports (FMR) submission to the Insurance Regulatory and Development Authority of India (IRDAI), ensuring compliance with regulatory and governance standards.
- Drove fraud prevention and recovery initiatives that minimized financial and reputational exposure.
- Leading planning, budgeting, resource allocation, and operational oversight for PAN-India investigation activities and external investigation engagements.
- Enhanced fraud surveillance mechanisms, internal controls, and investigation methodologies improve effectiveness and reduce turnaround time.
- Coordinating with senior management, legal teams, and external agencies on sensitive fraud matters, and strategic risk mitigation initiatives.
- Coordinating with police authorities, cyber cells, EOW, legal teams, and investigation agencies for fraud investigation and enforcement actions.
- Managing end-to-end support in fraud matters, including FIR coordination, evidence handling, recovery follow-ups, legal documentation, arrests, and prosecution support.
- Leading mystery shopping and seeding operations to identify fraud vulnerabilities, process deviations, intermediary misconduct, and control gaps across business channels.
- Designing proactive field intelligence and validation mechanisms to detect suspicious activities, mis-selling practices, and operational irregularities.
- Conducting targeted surveillance and verification exercises to strengthen preventive controls, improve fraud detection capability, and support risk mitigation initiatives.
- Coordinating covert verification activities and investigative checks for early fraud identification and strengthening business process integrity.
- Conducting fraud awareness workshops and knowledge sessions for employees, sales teams, investigators, and police personnel.
- Managed financial planning and budgeting processes, ensuring fiscal responsibility and maximizing return on investments.
- Achieved annual fraud loss prevention and savings of approximately ₹20 crores through proactive fraud identification, investigations, preventive controls, and recovery initiatives.
Deputy Manager
HDFC Life Insurance
Mumbai, India
07.2008 - 11.2014
- Managed policy servicing and backend insurance operations, maintaining operational controls, underwriting support, and adherence to regulatory compliance.
- Improved team efficiency by streamlining processes and implementing innovative management strategies.
- Identified areas for improvement within the department, implementing strategic initiatives to address gaps in performance, or resources.
- Collaborated with cross-functional teams to drive business growth and achieve corporate objectives.
Education
L.L.B - First Year
Lokbandhu Rajnarayan Law Collage
Varanasi, India 04.2001 -
Master of Management Studies (MMS) - Operations
University of Mumbai
Mumbai, India03-2022
Bachelor's Degree of Commerce (B.Com) - Commerce
University of Mumbai
Mumbai, India 04.2001 -
Skills
Fraud Risk Management
Fraud Prevention
Fraud Strategy Development
Fraud analysis
Financial Forensics
Risk Assessment
Regulatory Compliance
Governance Frameworks
Team Leadership
Accomplishments
- Conceptualized and led 'Satark' — an organization-wide fraud awareness and vigilance initiative serving as a strategic platform for employee, customer, sales, and society-focused awareness and preventive programs.
- Conducted fraud awareness workshops, vigilance campaigns, and preventive training sessions on fraud risk, cyber awareness, ethical practices, and reporting culture enhancement.
- Strengthened PAN India fraud investigation frameworks, surveillance mechanisms, governance standards, and fraud control effectiveness through structured investigation and risk mitigation initiatives.
- Enhanced coordination with law enforcement agencies, legal stakeholders, and external investigation partners for effective fraud resolution, recovery support, and enforcement actions.
Certification
Certified Fraud Examiner (CFE), Association of Certified Fraud Examiners (ACFE), USA
Interests
Reading and research on risk, investigations, and business trends
Science fiction, technology-oriented films, and analytical content
Cricket and team sports
Learning-driven and awareness-based activities
Work Availability
monday
tuesday
wednesday
thursday
friday
saturday
sunday
morning
afternoon
evening
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Personal Information
Availability: Open to strategic leadership opportunities across India with willingness to relocate for suitable roles.
Quote
Fall seven times; stand up eight.
Japanese proverb
Affiliations
- Association of Certified Fraud Examiners (ACFE) – Certified Fraud Examiner (CFE)
- Insurance Institute of India (III) – Fellow (FIII) & CIFAP Certified
- National Stock Exchange of India (NSE) – Capital Market Certification Holder
- Associated with enterprise Fraud Risk Management, Financial Forensics, Investigation Governance, and Regulatory Compliance functions within the insurance and financial services sector
Software
Experience in working on LifeAsia — core insurance administration platform used for policy administration, servicing operations, underwriting support, and transaction processing
MS Office & Investigation Reporting Tools
Fraud MIS & Investigation Documentation Systems
Languages
English
Advanced (C1)
Hindi
Advanced (C1)
Marathi
Bilingual or Proficient (C2)
Timeline
Fellowship – Insurance Institute of India (FIII), 2026-03-01, Insurance Institute of India (III)
03-2026
Certified Fraud Examiner (CFE), Association of Certified Fraud Examiners (ACFE), USA
05-2023
CIFAP – Certified Insurance Fraud Analyst Program, 2022-11-01, Insurance Institute of India (III)
11-2022
Vice President – Fraud Risk & Control (FCU)
IndusInd Nippon Life Insurance
12.2014 - Current
Deputy Manager
HDFC Life Insurance
07.2008 - 11.2014
NSE Capital Market Certification, 2008-05-01, National Stock Exchange of India (NSE)
05-2008
L.L.B - First Year
Lokbandhu Rajnarayan Law Collage
04.2001 -
Bachelor's Degree of Commerce (B.Com) - Commerce
University of Mumbai
04.2001 -
Master of Management Studies (MMS) - Operations
University of Mumbai