A processor implemented method, comprising: receiving, via one or more hardware processors, data associated with a first sensing unit and a second sensing unit, wherein the first sensing unit and the second sensing unit are placed in a proximity of a conduit at a test environment;processing, via the one or more hardware processors, the data associated with the first sensing unit to obtain an instant timing information (T 0) of a leak event in the conduit at the test environment, wherein the first sensing unit corresponds to a pressure sensor for obtaining a pressure data (Pr), wherein the instant timing information (T 0) is obtained by detecting a variation in a steady state of a pressure value of a fluid at the conduit at the test environment; processing, via the one or more hardware processors, the data associated with the second sensing unit to obtain a transient signal associated with the leak event at a specific band by applying a continuous wavelet transformation, wherein the second sensing unit corresponds to an accelerometer sensor for obtaining the accelerometer data (Accel), wherein the transient signal corresponds to a pressure wavefront travelling through a fluid inside the conduit at the test environment; filtering, by a bandpass filter, the accelerometer data (Accel) to obtain a band passed filtered accelerometer signal (Accel bpf) with a low pass cut-off frequency and a high pass cut-off frequency; processing, via the one or more hardware processors, the band passed filtered accelerometer signal (Accel bpf) to obtain a duration (T d) of the leak event; truncating, via the one or more hardware processors, the band passed filtered accelerometer signal (Accel bpf) in a time domain from the instant timing information (T 0) to the duration (T d) of the leak event to obtain a temporal template signal (Accel template); cross-correlating, via the one or more hardware processors, a band passed filtered accelerometer signal (Accel bpf) associated with a real-time conduit and the temporal template signal (Accel template) for every successive window of the instant timing information (T 0) to the duration (T d) length to obtain a cross correlation value; and dynamically detecting, via the one or more hardware processors, a leak event of the real-time conduit when the cross-correlation value is greater than a threshold value (∝). receiving, via one or more hardware processors, data associated with a first sensing unit and a second sensing unit, wherein the first sensing unit and the second sensing unit are placed in a proximity of a conduit at a test environment;processing, via the one or more hardware processors, the data associated with the first sensing unit to obtain an instant timing information (T 0) of a leak event in the conduit at the test environment, wherein the first sensing unit corresponds to a pressure sensor for obtaining a pressure data (Pr), wherein the instant timing information (T 0) is obtained by detecting a variation in a steady state of a pressure value of a fluid at the conduit at the test environment; processing, via the one or more hardware processors, the data associated with the second sensing unit to obtain a transient signal associated with the leak event at a specific band by applying a continuous wavelet transformation, wherein the second sensing unit corresponds to an accelerometer sensor for obtaining the accelerometer data (Accel), wherein the transient signal corresponds to a pressure wavefront travelling through a fluid inside the conduit at the test environment; filtering, by a bandpass filter, the accelerometer data (Accel) to obtain a band passed filtered accelerometer signal (Accel bpf) with a low pass cut-off frequency and a high pass cut-off frequency; processing, via the one or more hardware processors, the band passed filtered accelerometer signal (Accel bpf) to obtain a duration (T d) of the leak event; truncating, via the one or more hardware processors, the band passed filtered accelerometer signal (Accel bpf) in a time domain from the instant timing information (T 0) to the duration (T d) of the leak event to obtain a temporal template signal (Accel template); cross-correlating, via the one or more hardware processors, a band passed filtered accelerometer signal (Accel bpf) associated with a real-time conduit and the temporal template signal (Accel template) for every successive window of the instant timing information (T 0) to the duration (T d) length to obtain a cross correlation value; and dynamically detecting, via the one or more hardware processors, a leak event of the real-time conduit when the cross-correlation value is greater than a threshold value (∝).