Explain how each of the following major frauds can be taken place in case of loans/funds transactions: (i) Shot gunning (ii) Concealing Liabilities (iii) Misstatement (iv) Advances Portfolio Accounts (v) Higher lag time.

All these are the major frauds which takes place with the help of incomplete KYC: (i) Shot gunning: It is one of the major fraud which takes place with the help of incomplete KYC and refers to multiple loans for the same property being obtained simultaneously for a total amount greatly in excess of the actual value of the property. (ii) Concealing Liabilities: In this fraud borrowers conceal obligations such as mortgage loans on other properties or newly acquired credit card debts in order to reduce the amount of monthly debt declared on the loan application. (iii) Misstatement: In this fraud overstating or understating the property's appraised value is deliberately done. (iv) Advances Portfolio Accounts: Frauds related to the advances portfolio accounts form the largest share of the total amount involved in frauds in the Indian banking sector. (v) Higher lag time: Delay in action by the Institutions for declaration of frauds resulting the borrower getting considerable time to erase the money.