It started long back—the problem of fraudulent practices accompanying capitalism. Some may say that the problem of crony capitalism existed both in the West as well as in the East. And, what we saw as outcomes because of such practices are: South East Asian financial crises, dotcom bust, bubble burst, and the recent financial and economic crises, which have gripped the entire globe. Nobody can forgive what the nexus between Enron and Arthur Andersen did to the U.S. lassez-faire economy. Maintaining transparency and accountability in the form of proper balance sheets has become a distant dream because of frauds, scams and scandals being committed by the internal and external auditors as well as the promoters. It is high time to infuse confidence among honest Indian businessmen and investors including the smaller ones. Perhaps, one can say that it is time to move from the model of family ownership to investor ownership of companies and firms. Adoption of standard international accounting and auditing practices, and effective regulation can be the solutions for tackling such frauds in future.