Fraud have been in existence for generations but some cases of fraud are so large that they collapse down economies of countries and thousands of businesses. Today, we going to look at some notorious fraud cases in history.
They ranges from corporate fraud to crypto currency scams. These financial crimes have ruined the reputation of victims and even collapse multimillion companies.
In this article, we will rank the various cases from the least amount to the highest stolen in fraud cases and how they were orchastrated.
1. Wirecard fraud (2020) - $2 billion
German fintech giant wirecard was once a rising star in the digital payment industry until it was revealed €1.9 billion in asset doesn't exist.
The CEO Markus Braun and other executives manipulated financial records an scammed investers for years before the collapse of the company. The scandal harmed Germany's financial confidence, resulting in criminal proceedings.
2. The OneCoin Crypto Scam (2014–2019) – $4 Billion+
Onecoin, a proffessed cryptocurrency enticed investors with promises of huge profits. but it was essentially a Ponzi scheme with no true backing.
Ruja Ignatova, who is also known as the "cryptoqueen", operates the company that scammed individuals of more than $billion disappearing in 2017. She remains one of FBI's most wanted criminal.
3. The Volkswagen Emissions Scandal (2015) – $33 Billion
Volkswagen, one of the world's major automobile manufacturers, was caught cheating on emissions testing by placing "defeat devices" in its diesel vehicles.
These technologies misled authorities into believing that the cars were environmentally friendly, when in fact they produced up to 40 times the permitted pollution limit.
The scandal cost Volkswagen $33 billion in fines, litigation, and recalls, and it irrevocably harmed its brand.
4. Enron Scandal (2001) – $74 Billion
Enron, formerly a leading energy firm, engaged in false accounting procedures to conceal debt and exaggerate earnings.
The fraud resulted in one of the greatest company bankruptcies in US history, costing stockholders $74 billion and displacing thousands of workers.
The incident prompted stronger financial laws, including the Sarbanes-Oxley Act.
5. Bernie Madoff’s Ponzi Scheme (2008)
Bernard Madoff led the greatest Ponzi scam in history, robbing investors of $65 billion over several decades. His firm promised constant, high profits but actually used fresh investor funds to repay existing ones.
The plan failed in 2008, claiming thousands of victims, including organizations and pension funds. Madoff was sentenced to 150 years in jail, and his name became associated with massive financial fraud.
In conclusion, these scams highlight the devastating consequences of financial fraud and serve as a reminder of the importance of transparency, regulation, and investor education.
Whether through corporate deception, Ponzi schemes, or cryptocurrency fraud, history has shown that criminals will continue to exploit financial institutions until discovered.
Source : pulsegh.com
