It has been a none too rosy year for Indian Corporate Sector with several high profile scams hurting the carefully made up corporate image of the country. The year started with a bang when in January 2009, the then Chairman of Nasdaq listed Satyam Computer Services, stunned the world by admitting to gigantic corporate fraud. The stock hurtled down as news of the scam spread and Nasdaq had to suspend trading in the stock.

The fraud sent shivers through the Indian IT industry which is fully dependent on good will generated by it thus far in US and other western countries. As an after shock all Indian IT stocks lost ground in the market.

According to the report, the other major scams involved Price Waterhouse Coopers (PWC), Punjab National Bank (PNB), Wipro & City Limouzines

PWC finds itself in the report due to the alleged collusion of its partners with Mr. Ramalinga Raju, founder of Satyam Computer Services in cooking its books over several years.

PNB one of the largest public sector banks in India has landed in the negative list due to the “loan settlement” scam run by its senior managers who would write off loans worth crores for few lakhs by taking huge kick backs.

According to “Complaints India” report, Wipro was done in by its lax internal financial controls which allowed whopping US $4 Million to be siphoned off by an individual employee and the expose may just be tip of an iceberg which Wipro is trying its best to hush up.

“Complaints India” report has a larger section devoted to City Limouzines, a company said to have been patronaged by politicians and was running a sort of Ponzy scheme (similar to the Madoff Scandal which broke in the US during the year) by paying off initial members with the money taken from new members. The company spread its wings across India, opening offices in major cities and trapped more than 25,000 people defrauding more than Rs.3000 crores, promising high rate of return. The money was siphoned off into real estate, films (Bollywood) and personal investments. The promoters are cooling their heels in judicial custody, looking for their politician and Bollywood friends to bail them out of the mess.

For more details refer report at http://www.complaints-india.com/article-corporate-fraud-india-10003.php