Some scams by companies and organizations have become famous all over the world for deceiving thousands of people. They have caused enormous losses to governments and clients and have been punished in an exemplary manner. Get to know the biggest frauds that have ever happened on the planet !
The crimes occurred in several countries. A quick survey is enough to identify cases in the United States, Europe, the East and South America. Be aware of the brands and initiatives who tried to be smarter, but eventually discovered .
Environmental fraud involving Volkswagen
The biggest fraud involving cars and the environment has erupted recently .
In 2016, a group of researchers found that Volkswagen had installed in 11 million cars a software to defraud the result of laboratory tests. The mechanism omitted the exact amount of emission of pollutant gases.
In practice, the program reduced the test result by 40 times the actual amount of emissions.
When the car was analyzed in the laboratory, the emission was within the laws, but when the car was tested in the streets, it turned out to be very polluting. In other words, the software banned the computers of the official laboratories.
The fraud was unmasked and the scandal won the news. Volkswagen’s shares have lost more than 40% of value, and the losses are huge: fines, vehicle returns and an internal crisis that hit factories in the United States and Europe, the brand’s headquarters.
So far damage to the company’s image and vaults is still being counted.
The Toshiba profit overvaluation scandal
An independent audit has found that Toshiba overvalued its profits for 7 years. The figures exceeded 1 billion euros during this period.
The fraud was justified on the grounds that the company’s goals were impossible to achieve. Therefore, several sectors of the company began to inflate their results in order to receive approval.
More than 400 thousand shareholders were deceived and the result was the resignation and punishment of more than 30 executives and the general change in the direction of the Japanese.
The scheme of bribery and money laundering at Petrobras
Of course, the largest state-owned company in Brazil would be on the list of the biggest frauds in the world. Petrobras was involved in a series of scandals that came to public from 2014 .
Petrolão, as it was known, revealed cases of bribes for the closing of contracts and a network of corruption within the largest Brazilian company.
Overall, the loss of EUR 1.9 billion is estimated. Lava Jata is the name of the investigative operation that revealed the scandal.
Cartel support and tax evasion at HSBC
HSBC has recently become involved in two worldwide scandals. The first was the revelation that the bank supported drug cartels in South Americafacilitating the money laundering of these criminals. The mark was punished in 2013.
But that was not enough to keep the mark out of trouble. The Swiss subsidiary had schemes with clients to circumvent the laws and prevent them from paying taxes and hiding their real investments. Everything is still under investigation.
Siemens fraudulent contracts in the Olympics
The German brand operates in several segments. She made some fraudulent contracts during the 2004 Olympic Games in Greece . There have been bribes and suspicions of money laundering.
The latter is the concealment of the origin or real owner of the funds, the proceeds of illicit activities, giving them an appearance of legality. It’s the traditional money laundering.
Therefore, the company paid 330 million euros to the government of Athens. Another € 1.6 billion was also paid to the United States and other European countries for contract corruption.
The environmental fraud committed by BP
The British company maintains an oil rig in the Gulf of Mexico. In 2010, an unprecedented explosion polluted the waters, especially those that cut across North America.
Then, a true discovery of fraud and lack of commitment of BP with the security and environment was initiated . The results were several lawsuits accused of negligence and willful misconduct.
EUR 17 billion was paid to the United States.
Enron’s hidden financial debts and failures
The US energy company was put on bad sheets after the media suspected its real estate. Enron hid the debts and failures of its investors .
As soon as their crimes began to be discovered, the brand was sued by shareholders and their stock markets began to fall. In 2001, she filed for bankruptcy and some of her executives were arrested.
This fraud helped to change American accounting rules, which became more rigid and controlled to avoid blows to the financial and accounting system of other corporations.
Fraud in Parmalat’s financial funds
The Italian brand has also gotten into many confusions. In 2003, the company was unmasked when some researchers discovered that financial funds were not safeguarded as was believed .
The charges resulted in a major effort by the multinational to hide its crimes, such as the disappearance and destruction of digital files. But nothing advanced, the company owes some of its directors arrested and faced a debt of 14 billion euros.
In Brazil, Parmalat has also been accused of adulterating milk with caustic soda and hydrogen peroxide.