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It is advisable that before entering into any type of relationship with the companies mentioned herein you should do the due diligence. This list is published based on the information published in Indian Express News Paper on 22.12.2002.If you need any assistance regarding the companies mentioned in this list please feel free to write to us on

Forensic procedure  

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Fraud Companies to be watched out

Decade of 90's saw a huge boom for the initial public offers. In the period of 1993-98 many companies collected the money from the investors and simply stopped the operations. There is no correspondence with stock exchange. There are no communication acknowledgements and a lot of complaints are pending against these companies. Many of these companies were delisted from the stock exchanges. Nobody knows whether these companies are in operation or not. Those which are not delisted are on the verge of getting themselves delisted. There were some companies which were also genuine but it is difficult to really identify those which were genuine and which were not. It is advisable that the forensic procedures be followed before entering into any type of financial transactions with these companies or their promoters. Get the following things checked from the forensic accountants

  • Why was the company delisted from the stock markets

  • Whether it has committed some crime/fraud

  • What amount was raised by the company through IPO's.

  • Do the company have any nexus with any other companies

  • Who were the promoters of the company ?

The companies which came into trouble because of unforeseen future and never had the intentions to deceive Indian Public will be left with nothing and logically they should not be in the position to invest.It is quite possible that these companies would start some other business with the money which they raised from Indian public if they have siphoned out the public money.

There are somewhere around 600 plus companies where the investors must have lost whopping Rs. 3000 crores. Average Rs. 5 crores on each company is lost by the Indian Investors. Click here for detailed List of the companies which have found the place in some kind of dirty work.

2004-2006 Indiaforensic Research Foundation,Pune,India