SOME OF BIGGEST SCAMS IN INDIA: SCAM IS AROUND Rs-910603234300000

1 – 2G SPECTRUM SCAM

What can be said that hasn’t been said before, this is THE mother of all scams. The Supreme Court recently said the spectrum scam has put ‘all other scams to shame’. The incident saw former telecom minister A Raja being forced to resign after the CAG indicted him in the 2G spectrum scam that resulted in a loss of about 176,000 core to the national exchequer. The scandal revolves around the alleged irregularities in allotting wireless radio spectrum and licences by the telecom ministry to private operators — some of whom were ineligible. Licences were given and spectrum allocation was done at an extremely low price (2001 prices in the year 2008) leading to a gargantuan loss to the national coffers.

2 – COMMONWEALTH GAMES SCAM

Yes, of course, how could the scamsters miss the much publicized and anticipated Common Wealth Games hosted by India in 2010. Even before the long awaited sporting bonanza could see the light of the day, the grand event was soaked in the allegations of corruption. Estimated to be involving money worth close to 35,000 crore, the scam included discrepancies like payment to non-existent parties, will-ful delays in execution of contracts, over-inflated price and bungling in purchase of equipment through tendering – and misappropriation of funds. The accused, former chairman of the Commonwealth Games Organising Committee, Suresh Kalmadi, was charged and jailed later by CBI in april 2011

3 - TELGI SCAM

Abdul Karim Telgi, the name is still etched boldly in the memory of the whole of India. The con artist, who shook the entire nation with his mastered art of forgery in printing duplicate stamp papers. The scam spanned across 12 states and estimated to the amount of 20,000 crore plus. With support from numerous Government Departments this scam one of the first few which brought to light the shameful corrupt practices of the politicians and the beaurocrats alike.

4 – SATYAM SCAM

Satyam scam is the biggest fraud in the Indian corporate industry till date, amounting to 14,000 crore. The disgraced former chairman, Ramalinga Raju is accused of fudging the books of accounts for several years and inflating revenues and profit figures of Satyam. His efforts to fill the “fictitious assets with real ones” through Maytas acquisition failed, after which he decided to confess the crime. India’s fourth largest IT company lost a staggering Rs 10,000 crore (Rs 100 billion) in market capitalisation as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 on the Bombay Stock Exchange in a single day.

5 – IPL SCAM

Never before has a scam been enjoyed and celebrated by such a massive proportion of Indian people. A lot of the IPL activity has been alleged to be unethical, unlawful and sometimes illegal. Politicians and others are said to be laundering black money via Mauritius and other tax havens which hide investors’ identities through shell companies and false names. There are suggestions that matches and bids for team franchises have been fixed, and that there have been bribes, tax evasion, illegal betting, and breaches of foreign investment rules. At the centre of the growth, and the controversy, was Lalit Modi, creator and chairman of the IPL and former vice president of the highly politicised Board of Control for Cricket in India (BCCI).

6 – BOFORCE SCAM

The Bofors scandal is known as the hallmark of Indian corruption. In the 1980s,the then PM Rajiv Gandhi and several others including a powerful NRI family named the Hindujas, were accused of receiving kickbacks from Bofors AB for winning a bid to supply India’s 155 mm field howitzer. The Swedish State Radio had broadcast a startling report about an undercover operation carried out by Bofors, Sweden’s biggest arms manufacturer, whereby $16 millionwere allegedly paid to members of PM Rajiv Gandhi’s Congress.

7 - HARSHAD MEHTA SCAM

Popularly known as the Big Bull, Harshad Mehta took advantages of the loopholes in the banking system and triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments. He and his associates diverted funds to the tune of about Rs 5,000 crore (Rs 50 billion) from the banks to stockbrokers between April 1991 to May 1992. He was later charged with 72 criminal offences.

8 – COBBLER SCAM

In1995 another Scam of magnanimous proportions was exposed. Sohin Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested in this multi-crore shoes scam on the charges of availing loans of crores of rupees on behalf of fictitious leather co-operative societies and taking advantage of these through various schemes. Officials of various state banks were also charge sheeted.

9 – FODDER SCAM

More commonly known as the “Chara Ghotala”, this scam was worth a whooping 900 core and involved the infamous and forever popular Bihar politician Lalu Prasad Yadav. The scam involved fabrication of “vast herds of fictitious livestock” for which fodder, medicine and animal husbandry equipment was supposedly procured.

10 - Hawala Scandal

Yet another widely publicized bribery scandal which came out in 1996. It involved payments to the tune of $18 milionreceived by Country’s leading politicians through hawala brokers. The list of accused included the then leader of the opposition Lal Krishna Advani. The masses were left shocked as all the major political players were being accused of having accepted bribes and also alleged connections about payments being channelled to Hizbul Mujahideen militants in Kashmir.


Src: h2hhelp

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