Law is the procedure to maintain harmony and balance in the society. Humans were the only subject of law, but after industrial revolution, the world has witnessed corporate giants holding more wealth than small economies of the world. Thus, corporates have placed themselves as subject   of law.  Each corporate has a CEO who dictates corporate policies which revolves around a sole motive of earning profit. The capital is collected by deposits from general public to conduct business. But in real practise, a handful of wealthy families control the entire corporate world. Occurrence of corporate fraud has become a common problem throughout the world. Such frauds can be controlled by identifying the distinction between personal and corporate funds. It is essential for ethical conduct of business. Ethical dilemmas arise from conflicting interests of parties involved. The core ways of handling frauds in organisations can be classified into two broad headings: Corporate Governance and Corporate Social Responsibility. Corporate governance is a prescribed set of system, process and principles which ensures fair and transparent governance of a company.   Corporate Social Responsibility (CSR) shows the path of ethical conduct. It provides a philosophical foundation for responsibilities of corporations. CSR works to makes business effective and at the same time it makes the business organization a good and just society. It ensures the following of principles of contributive justice. The author proposes to reflect a solution for corporate frauds by combining the concept of corporate governance and corporate social responsibility.