Major corporate financial shenanigans get awayin the name of creative accounting. But, they need to be studied for lessonslearned and strategies to avoid or reduce the incidence of such frauds in thefuture. It is essential for shareholders, particularly the common man who does nothave any access to the company except reported financial numbers. This paperaims to decode the level of financial shenanigans practices in corporateenterprises in telecom sector in India. The reason being is that telecom sectoris a part of service industry and is dependent on tariff policies; therefore itis the most volatile sector where financial shenanigans are probable on a largescale. We have tried to contribute by detecting these shenanigans in totalitynot in isolation, on five parameters: quality of earnings, quality of revenue,volatility of income, discretionary accruals, and manipulation score. Theresults indicate the visibility of financial shenanigans in the companies understudy. It is therefore expected that the study improves investors’ belief of a company’sperformance, as reflected in their financial numbers.