Abstract: A system and computer implemented method for quantifying fraudulent overcharges and penalties in a claim statement comprises a memory unit to store a database comprising metadata pertaining to at least one contract. Further, the memory unit comprises a set of program modules. The set of program modules comprises a parser module, a model generator module, a fraud detection module, and a quantifier module. The parser module is configured to parse the contract into at least one claim string, and parse the claim statement into plurality of monetary charges. The model generator module is configured to generate one or more preliminary metrics associated with at least one claim string based on evaluation and to generate an optimal monetary charge. The quantifier module, is configured to generate a fraudulent charge metric representing the plurality of monetary charges, based on the plurality of monetary charges being the fraudulent charge.