India firms dominate World Bank’s debarred list
The number of Indian companies and individuals debarred by the World Bank for fraudulent and corrupt practices is increasing. Latest in the list is Transformers and Rectifiers (India) Limited, which was banned on November 4 for bribery charges. Gujarat-based Transformers and Rectifiers (India) Limited, known as TARIL, is under investigation by the World Bank for bribery charges of 486 million dollars involved in a power project upgrade in Nigeria.
‘The Pioneer’ newspaper reported in detail about the Indian firms and individuals caught by the World Bank for fraudulent and corrupt practices in getting the bank contracts and siphoning money in collusion with many governments across the world.[1]
Transformers and Rectifiers (India) Limited is a stock exchange-listed company, priced at Rs.396 on November 7, Friday, has now collapsed to Rs.313 on November 10, Monday, after the newspaper report., promoted by Jitendra Mamtora, Karuna Mamtora, and Satyen Mamtora. The company, founded in 1994, was earlier named Triveni Electric Company Limited. According to World Bank officials, the company was caught for bribery charges in the supply of upgrading equipment to the Nigerian power grid project, financed by the Bank. The TRAL is banned for four years, up to June 2029, in dealings with World Bank projects.
According to forensic auditors associated with the World Bank, these firms are caught for sheer financial indiscipline, including bribery in the Bank’s projects, which are meant for the welfare of society. These firms bribe the concerned government officials and supply low-quality materials, inflate the bills to route the money as bribery, they said.
As per the latest list of “Ineligible Firms and Individuals” of the World Bank, more than 50 companies and individuals are debarred from supplies and contracts due to fraudulent and corrupt practices. In June 2025, Mumbai-based company IQVIA Consulting and Information Services India was also debarred for “fraudulent practices.”
In 2024 alone, five companies and one individual from India were banned by the World Bank from supply and contracts in international projects. Kolkata-based companies — Zytron Systems, Venus Softwares, Venus IT Solutions Private Limited, Future Netwings Solutions Private Limited, Chennai-based Perfect Dredging Company Private Limited, and its promoter Arputharaj Job Robinson are debarred by the World Bank for “Collusive and Fraud Practices”.
In 2022, six Indian firms were barred for corrupt practices. The firms are: Chennai-based Lotte Data Communication R&D Centre India LLP, Hyderabad-based Madhucon Mega Mall Private Limited, and its linked firms Madurai-Tuticorin Expressways Limited, Namma Hotels Private Limited, Madhucon Heights Private Limited, and Madhucon Infra Limited.
In 2021, one of India’s emerging waste management companies and its many linked firms were also barred by the World Bank. Gurugram-headquartered A2Z Waste Management’s two companies faced delisting for corrupt practices. The companies are A2Z Waste Management (Nainital) Private Limited and A2Z Waste Management (Jaipur) Limited, faced the debarring.
The group’s A2Z Powertech Limited, A2Z Infraservices Limited and A2Z Powercom Limited, Mansi Bijlee and Rice Mills Limited, Ecogreen Envirotech Solutions Limited, Magic Genie Smartech Solutions Limited, A2Z Waste Management (Aligarh) Limited, A2Z Waste Management (Ludhiana) Limited, and Rishikesh Waste Management (formerly known as A2Z Powertech Limited) also faced debarring from the World Bank in 2021.
A2Z Infra Engineering Limited (previously known as A2Z Maintenance and Engineering Services) was first caught by the World Bank for corrupt practices in November 2020 for violating supply and procurement rules. This group now faces legal actions in many Municipal Corporations for violating contracts in waste management, and some of its companies are also closed down. A2ZWaste Management companies literally plundered money in many waste management projects, and many collapsed projects are now facing a series of charges in India.
In 2016, the World Bank cracked its whip on more than 10 Indian companies for fraudulent practices involving bribery charges. More than 50 companies are on the debarred list of the World Bank, published since 1999.
Reference:
[1] World Bank’s debarred list shows over 50 Indian firms for fraudulent practices – Nov 09, 2025, The Pioneer
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