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MFES Programme Starts Second Cohort at RRU and IICA in Gujarat

RRU and IICA begin second batch of financial security master’s programme

The course brings together professionals from law enforcement, finance, regulation and business as India faces new forms of financial crime.

Rashtriya Raksha University (RRU) and the Indian Institute of Corporate Affairs (IICA) have started the second batch of their Master’s in Financial and Economic Security (MFES), a course aimed at professionals working in finance, law, regulation and law enforcement.

The new batch includes people from regulatory bodies, police organisations, law enforcement agencies, financial institutions, the legal profession and business. The course is being held in a hybrid format, allowing working professionals to continue their jobs while studying.

The programme comes as financial crime becomes harder to detect and investigate. Money laundering, fraud, the movement of illegal funds across borders and the misuse of company structures can affect businesses, public funds and the wider economy. Digital payments and online financial services have also created new ways for criminals to move money and hide their activities.

RRU, an Institution of National Importance under the Ministry of Home Affairs, is running the programme with IICA, which comes under the Ministry of Corporate Affairs. The course seeks to train professionals who can understand financial crime, investigate suspicious activity and work with the laws and rules that govern India’s financial system.

The first batch had more than 40 professionals from banking, law enforcement, investigation, academia, entrepreneurship and legal services. Its members also took part in campus visits and discussions with public institutions, including the Economic Advisory Council to the Prime Minister.

The second batch builds on that experience. Its students come from different fields, giving them a chance to learn from the work of people involved in financial regulation, policing, corporate affairs and legal services.

The course covers the links between financial crime and national security. Illegal money can support criminal networks and terrorist groups. Financial fraud can harm individuals and businesses, while the misuse of company accounts and records can make it difficult for authorities to trace the people behind unlawful activity.

India has several agencies working to detect and investigate such offences. The Financial Intelligence Unit-India (FIU-IND), set up in 2004, receives and examines information about suspicious financial transactions. It shares relevant information with enforcement and intelligence agencies. The Directorate of Enforcement and other investigative bodies also deal with financial offences under their respective laws.

The work often requires knowledge of more than one field. Investigators may need to understand company records, banking transactions, financial regulations and criminal law. They may also have to follow money that has moved through several accounts or countries.

Technology has added further challenges. Digital payments, virtual digital assets and online platforms can be used to move money quickly. Artificial intelligence can help criminals create fake identities, impersonate people and produce convincing scams. Deepfake videos and voices can make it harder for victims to identify fraud.

The same technology can help authorities examine large amounts of financial data and identify unusual patterns. Professionals need to understand both the risks and the legal rules that apply when such tools are used.

The MFES course includes case studies, expert discussions, campus immersion and practical learning. Participants are expected to engage with institutions involved in India’s financial and economic system, including regulators and investigative agencies. The programme also covers international standards, cross-border cooperation and approaches to anti-money laundering and counter-terrorist financing.

At the opening ceremony, Prof. (Dr.) Kalpesh H. Wankhade, Pro Vice-Chancellor of RRU, said financial security was a key part of a strong and self-reliant India. He stressed the need for trained professionals who understand the practical aspects of financial and economic security and can work with different institutions.

Mr Sunil Kavishwar, Director of the School of Criminal Law and Military Law (SCLML) at RRU, spoke about the effects of fast-changing technology on financial crime, supervision and enforcement. He said professionals needed to keep pace with technology-related threats.

Prof. (Dr.) Naveen Sirohi, Head of the School of Finance and Management and Director of the Forum of Indian Regulators (FOIR) Centre at IICA, said specialised courses such as MFES could help develop a new group of economic security professionals.

He said the Viksit Bharat vision required economic growth to be protected from threats such as illegal fund flows, supply chain disruptions, technology-related risks and geoeconomic tensions.

The programme is linked to the national goal of Viksit Bharat @2047, set out by Prime Minister Narendra Modi. A trusted financial system is essential to protect public money, support investment, and help businesses operate within the law.

The second batch also reflects the growing need for cooperation between institutions that handle financial crime, corporate regulation and national security. The course aims to help professionals understand how their work connects with others’ responsibilities.

For India, the test will be whether such training helps build stronger skills in detecting financial crime and responding to new risks. As financial services become more digital and cross-border transactions grow, the ability to trace illegal money and protect the integrity of the financial system will remain an important task for public agencies and private institutions alike.