The large corporates have emerged and have grown with the public investing their finds and placing confidence on the growth prospects of the firms. The big corporate houses at times misuse this trust placed on them by the investors and play around with their money without realising the possible after effects that might follow and tarnish their image. Since the inception, the corporate scandals have been continuously happening, and the more the compliances, rules and regulations are built, the more and fancy loopholes are emerging from time to time. The acts and regulations like Sarbanes-Oxley Act in US, Companies Act in India are the steps taken to mitigate these frauds. Apart from rules and regulations formed, there is a dire need to build the sense of belongingness and drive ethical behaviour within the internal management of the company to prevent these frauds. In this paper we will be focusing on "Why do Corporate Frauds happen and what is common in those frauds?"