JOIN USAmid an increase in financial frauds and background screening by companies and individuals, private detectives in the country on Thursday claimed that their business could grow 30% annually and even touch Rs 1,700 crore by 2020.
Detective Bill
They also demanded that the government take initiative to clear the Private Detective Bill to streamline the sector in Parliament.
Addressing the 92nd annual conference of the World Association of Detectives (WAD) here, its incoming president Kunwar Vikram Singh said the market for private investigation is huge in India and it should be in the range of Rs 500-600 crore.
“It is expected to grow by 30% annually. We need a lot of new detectives as there is an increasing trend of companies using background screening of top and middle level executives who join them.
“They also show diligence in mergers and acquisitions, keeping tab on counterfeit goods and trade as well as marriage frauds due to the influx of matrimonial websites,” he said.
Singh, also the chairman of the Central Association of Private Security Industry, said the government should take steps to pass the bill, which envisages providing licences to private detectives and regulating it.
Ryan school effect
“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.
“Work of private detectives will grow further in dealing with safety and security issues in the country,” he said, referring to the murder of a child in Ryan International school in Haryana’s Gurugram.
The WAD annual conference is witnessing participation of around 150 detectives from over 50 countries to brainstorm on challenges and opportunities in the sector.