Table of Contents
Introduction
A scam refers to a deceptive or fraudulent scheme designed to trick individuals or organizations for financial gain or other dishonest purposes. Scams can take various forms, and they often involve deceit, manipulation, or misrepresentation. Here is the list of 10 Indian scams at all times.
10 Indian Scams
2G Spectrum Scam
This is THE mother of all scams. The Supreme Court said the spectrum scam has put ‘all other scams to shame’. The incident saw former telecom minister A Raja resigning 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 2008) leading to an immense loss to the national coffers.
Commonwealth Game Scam
Allegations of corruption and mismanagement marred the 2010 Commonwealth Games held in Delhi. The scam involved financial irregularities in contracts and inflated project costs. Estimated to be involving money worth close to 35,000 crore, the scam included discrepancies like payment to non-existent parties, willful delays in execution of contracts, over-inflated price, and bungling in the 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
IPL Scam
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).
Harshad Mehta Scam
Harshad Mehta manipulated the stock market by exploiting loopholes in the banking system. The scam involved diverting funds from banks to the stock market, resulting in a significant financial impact.
Also, Read HARSHAD MEHTA SCAM-1992
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 is estimated to amount to 20,000 crore plus. With support from numerous Government Departments, this scam was one of the first few which brought to light the shameful corrupt practices of the politicians and the beaurocrats alike.
Satyam Scam
The founder and chairman of Satyam Computer Services, Ramalinga Raju, confessed to inflating the company’s financial figures to attract investors. The scam shook the corporate sector and led to significant legal repercussions.
Ketan Parekh Scam
Ketan Parekh, a stockbroker, was involved in manipulating stock prices and rigging the markets. The scam led to the crash of several stocks, causing financial losses to investors.
PNB-Nirav Modi Scam
The Punjab National Bank (PNB) scam involved jeweler Nirav Modi and his associates obtaining fraudulent letters of undertaking to secure loans. The scam amounted to a multi-billion-dollar fraud.
Yes Bank Scam
Yes Bank faced a crisis due to alleged financial irregularities and mismanagement. The Reserve Bank of India took control of the bank, and investigations into financial misconduct ensued.
Vijay Mallya – Kingfisher Airlines Scam
The case of Vijay Mallya’s money laundering of bank loans totaling Rs. 9081 crores (estimated amount, including interest) is well known.
“The first businessman to be pronounced a Fugitive Economic Offender (FEO) under Section 12 of the Fugitive Economic Offenders Act of 2018,” according to the tag. From taking over his father’s company to growing it in the aviation and beverage industries. A 28-year-old man was witnessing the rapid expansion of his company and its success. Mallya acquired Air Deccan in 2012, during the collapse of the world aviation business, and as a result, he had to borrow money from 17 banks.
He never paid back these loans, and by fleeing the nation, he managed to avoid capture. He owes more than Rs. 1600 crores to the State Bank of India alone. All this money is said to have been laundered abroad and invested in shell firms. There were rumors that the funds were used for IPL team-related transactions. The Force India F1 racing team and Royal Challengers Bengaluru.
Before his 2016 arrest, he fled to Britain, but a warrant was issued for his arrest under the 2002 Prevent of Money Laundering Act. Following that, he was arrested and later released on bail, which cost 65,000 pounds. He also had to turn over his paperwork