Everyone in India has the widespread perception that their personal money represents hard-earned money and other people's or public’s money represents easily-earned money in many cases. The moral principles that our society accepts make up ethics. Our Indian culture is recognized worldwide unique because it has blossomed values. The majority of people think that ethics and values only matter to the individual. However, it is important to keep in mind that businesspeople should adhere to the same standards of behaviour as regular men. Since business is a component of society, ethics is important in the business world as well. India has already had a number of corporate scandals or frauds, stock market frauds, and scams. These scandals and frauds rocked the nation and forced tighter controls on reporting, governance, and legislation. The deterioration in ethics and human values is one of the primary causes of these scams. In the increasingly conscience-focused economy of the twenty-first century, there is a growing need for more ethical business practices and endeavours. White collar crimes are those committed by someone with high-profile positions in the public or private sectors. These crimes are quite challenging to find. This paper examines the relevance of business ethics, values and corporate frauds in the present scenario. Besides, the need of business ethics, factors affecting business ethics, factors responsible for unethical practices and, ethical business practices of various aspects of a business has been studied.