The Biggest Scams In India: A List Of 10 Scams That Will Blow Everyone’s Mind
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If we discuss the biggest scams in India, a long list will come to your mind. The increasing amount of scams and frauds, over the years, have been humiliating for the country. They have not only deprived the country of its money but also pushed it down a path of declining political and social health. Whether it was a global embarrassment at the Commonwealth Games or a national outcry over the 2G scam, the dishonest behavior of a few has left the country hapless.
According to the International Monetary Fund (IMF), corruption costs the world up to $2 trillion. That is a substantial amount of money–two percent of the global GDP. On December 9, the United Nations commemorated International Anti-Corruption Day, recognizing the urgent need to eradicate corruption and promote global unity and stronger ties. ‘United against corruption for prosperity, peace, and security was the key subject. As countries around the world reassert their commitment to fighting corruption,
let’s look at some of the biggest scams that stunned India.
1. BOFORS Scandal – Rs. 64 Crore
During the 1980s and 1990s, the Bofors scandal involved a huge weapons-contracting political controversy between India and Sweden. This scandal was started by Indian National Congress leaders and implicated the Indian Prime Minister, Rajiv Gandhi. Bofors AB is also suspected of receiving kickbacks from members of the Indian and Swedish governments. In 1986, India reportedly secured a deal worth approximately Rs 1437 crore with the Swedish armaments firm Bofors AB to deliver their 155mm field howitzer to the Indian Army.
2. Fodder Scam – RS. 950 Crore
The Fodder Scam was a corruption scandal in the eastern Indian state of Bihar that involved the loss of nearly $9.4 billion from the government treasury. Lalu Prasad Yadav, the then-Chief Minister of Bihar, and Jagannath Mishra, the former Chief Minister, were among those detained in connection with the heist. Lalu’s tenure as Chief Minister came to an end as a result of the controversy. S. N. Sinha is also accused of paying Dr. Dineshwar Prasad Sharma Rs. 300.60 crores. A special CBI court convicted Lalu Prasad Yadav on December 23, 2017, while acquitting Jagannath Misra.
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3. Harshad Mehta & Ketan Parekh Stock Market Scam?– Rs. 5000 crores
Harshad Mehta borrowed a substantial amount of money from the banking system and used it to build a large fund for himself by creating authentic-looking fraudulent bank receipts. Many banks lent him large sums of money, claiming that they were doing so in exchange for government securities. Ketan Parekh pulled off a similar heist, stealing $30 million from the Bank of India.
4. Vijay Mallya Scam – Rs. 9000 Crore
The Vijay Mallya scam is one of the biggest bank scams in India. After being accused of fraud and money laundering in India, Mallya escaped and sought sanctuary in the United Kingdom in 2016. A collection of 17 Indian banks is attempting to collect roughly $90 billion (US $1.3 billion) in loans. Mallya is accused of using it to gain 100% or partial ownership of more than 40 companies around the world. Many organizations, including the Internal Revenue Service and the CBI, are investigating Mallya for financial fraud and money laundering.