Washington, July 23 (IANS) Seven Indian companies headed by Indian Oil figure in this year’s Fortune Global 500 list of the world’s 500 largest companies in 36 countries topped by retail giant Walmart.
Together, these companies employing 65 million people worldwide generated $31.2 trillion in revenue and $1.7 trillion in profits in 2014, according to the list compiled by the US business magazine.
Companies are ranked by total revenue for their respective fiscal years ended on or before March 31, 2015.
Heading the Indian companies on the list was Indian Oil ranked 119th with revenue of about $74 billion. It was followed by Reliance Industries (158) with $62 billion and Tata Motors (254) with $43 billion.
State Bank of India (260) came next with revenue of $42 billion followed by Bharat Petroleum (280) with $40 billion, Hindustan Petroleum (327) with $35 billion and Oil and Natural Gas (449) with $26 billion.
While Indian Oil, Reliance, Bharat Petroleum, Hindustan Petroleum, and Oil and Natural Gas slipped in rankings from the previous year, Tata Motors and SBI improved in rankings.
Walmart with $485 billion in revenue and $16 billion in profits retained its top spot.
Chinese petroleum refining giant Sinopec Group came next followed by the Netherlands-based Royal Dutch Shell ranked third.
China National Petroleum and Exxon Mobil make up the top five.
The US is home to 128 of the 500 global companies, including Apple (15), JP Morgan Chase (61), IBM (82), Microsoft (95), Google (124), Pepsi (141), Intel (182) and Goldman Sachs (278).
China has close to 100 companies on the list, including Bank of China (45), China Railway Engineering (71) and China Development Bank (87).
Indian economic system has many loopholes and many citizens are aware of how to use them to their advantage
India has seen some of the biggest bank frauds in past few years which has damaged its economy
Money scams and bank frauds are becoming very common and it is now high-time that government do something about them
Every year India witness some of the biggest bank frauds which impact its Economy like a boulder. According to IIM-Bangalore, India lost Rs. 22,743 crores because of bank frauds between 2012 and 2016.
Likes of Vijay Mallya, Harshad Mehta and the recent addition, Nirav Modi have basically robbed Indian banks and Indian economy of several crores of rupees. Here is the list of biggest bank frauds in India which shook the economy and population in recent years.
S.K. Jain Fraud
In 2014, the chairman of the Syndicate Bank was suspended for increasing the credit limit of some companies for the bribe of Rs. 50 Lakhs. SK Jain was one of the youngest CMD of the Syndicate Bank, this money fraud by him was done just after a year of being appointed as the CMD of the bank. Syndicate Bank’s share prices suffered heavy losses after the fraud was revealed.
Harshad Mehta Scam
While talking about any money scam or bank scam, Harshad Mehta is the first name which comes to the mind of many. Harshad Mehta was a clever share broker who knew loopholes in Indian economy too well. The case dates back to the 90s in which this fraud worth INR 4000 crores came into the light. Stock Market crashed after this scam was revealed, in which fake BRs were used to get money out of various banks and manipulate the share price of companies.
Bipin Vohra Fraud
In 2014, CBI filed a cased against the Kolkata-based industrialist Bipin Vohra and his other colleagues for allegedly cheating Central Bank of India. Bipin Vohra obtained a loan of Rs 139.05 crore using fake documents. Not only that, but he also used the money for purposes which weren’t stated while applying for the loan. Bipin Vohra lost a lot of his acquisitions due to this bank fraud of his.
One of the most recent Indian offenders, the UB group and Kingfisher Airlines owner has a debt of over INR 9000 crores which he has to pay back to various banks. He fled to London to escape the payments and penalisation, even after coming back, he hasn’t paid back anything as of yet. He was declared offender by the Union Bank Of India after which SBI and PNB followed suit.
Nilesh Parekh Fraud
Nilesh Parekh committed a fraud of Rs. 2,223 crores by cheating 25 banks which were under the State Bank Of India. Parekh was the promoter of Kolkata-based, Shree Ganesh Jeweller, he committed the fraud by diverting the loan money and he also shelled companies in other countries like Hong Kong, UAE and Singapore.
Another famous bank scam was the fraud done by the employees of Jain Infraprojects in collaboration with the Deputy General Manager of the Central Bank Of India. This bank fraud was done by diverting the funds for the purposes that weren’t mentioned in papers. This bank scam resulted in a loss of INR 212.30 crores for the bank.
Nirav Modi’s Fraud
The latest addition to the list, this one if one of the biggest bank frauds in India. The diamond merchant Nirav Modi committed a fraud of INR 11,450 crores with the Punjab National Bank. Modi used old LoU (letter of undertaking) issued to him by PNB, which were recycled and illegally issued to borrow money from other banks. He is also accused of committing a money fraud of Rs. 3000 crores with 17 other banks.