world bank
World Bank says bitcoins are "dangerous" to the global financial system.Reuters

The World Bank has barred numerous Indian companies and individuals from India for its various projects across the globe.

The multilateral lending agency on Wednesday published its annual report in which it has debarred Olive Health Care and Jay Modi from India for their involvement in fraudulent and corrupt activities. Both the companies were associated with the World Bank projects in Bangladesh, reports Press Trust of India.

The report said that Olive Health has been debarred for 10 years and six months while the World Bank slapped a ban of seven years and six months on Modi. In total, the World Bank has debarred 78 companies and individuals.

The bank said that the report is the result of efforts by the Integrity Vice Presidency (INT), the Office of Suspension and Debarment (OSD) and the Sanctions Board. The two offices have decided to prepare a joint overview of the Bank Group Sanctions System and its activities over the past year.

Another company, Angelique International Limited, which is also based out of India has been banned for a period of four years and six months. The charges against the company include fraudulent and corrupt practices. The company was working on the World Bank projects in Ethiopia and Nepal.

Family care which has been operating in Argentina and Bangladesh has also been banned by the bank on similar charges. Other companies like Madhucon Projects and RKD Construction Pvt Ltd, working on the world bank projects in India, have been slapped with a ban for a period of two years, one year and six months respectively for the same reason.

Other companies which were debarred by the World Bank for a duration of less than a year were Tatve Global Environment Pvt Ltd, SMEC (India) Pvt Ltd, and Macleods Pharmaceuticals Ltd.

Additionally, five firms received a sanction with conditional non-debarment which meant that they would remain eligible to participate in the projects financed by World bank only if they meet the certain agreed-upon conditions.