Top 6 High Magnitude Financial And Business Frauds

Top 6 High Magnitude Financial And Business Frauds

~ From Lists Diary ~
Views: 597
Votes: 0 For this story Votes: 0 Including yours
Go to Source

The list given below shows Business frauds, some involving mind-boggling sums. Frauds were committed in ingenious ways. Some frauds led to the creation of new safety mechanisms. People’s trust was grossly misused, greed for more knew no bounds. Most of the mentioned frauds in this list are India centric.India being a diverse Country with diverse cultures and a huge population, different types of frauds were perpetrated in different parts of the country. Fraudsters were able to correctly gauge the average man’s mindset and behavior, devised cunning ways to fool them, and executed their plans. Some of them escaped with the booty, some of them were caught.Indian Company – Spices Trading Corporation Limited (a Government of India Company) placed orders for Copper and Nickel scrap valued @ USD 250 million in 2008, to 3 Companies domiciled in Dubai, Singapore, and USA, between May and September 2008. Supplies were to be made to Hong Kong based buyers with ports of landing as Busan in Korea and Vietnam. Copper scrap price was fixed @ US$ 6614 per ton, Nickel scrap @ US$ 16804 a ton.

Community Activity

Toggle Activity Feed
loading...