16 Top scams of India

16 Top scams of India :

Chopper deal scam : The most recent of the scams in India is the Chopper deal scam where the deal amounts to Rs 74.5 crore.

Coalgate : One of the well known scams in India is the coal mining scam where the government reported a loss of Rs 185,591 crore.

Tatra : Bharat Earth Movers Ltd in collaboration with Tatra Vectra Motors had produced over 7000 trucks to the Army. The scam was estimated at Rs 750 crore.

Antrix Devas deal : In 2011, G Madhavan Nair former ISRO chairman and three other scientists were responsible for a controversial deal between the Indian Space Research Organisation’s (ISRO) commercial arm Antrix Corporation and Devas Multimedia causing a loss of Rs.200,000 crore to the country .

2G : The illegal undercharging by government officials to various telecom companies during the allocation of 2G licenses the scam amounts to about Rs 176,000 crore,

CWG : The Commonwealth Games is perhaps one of India’s most well known scam a Rs 141 crore contract to Swiss Timing deal was inflated by Rs 95 crores.

Fodder : This scam broke out in 1996 in the town of Chaibasa when the animal husbandry department embezzled funds of around Rs 950 crore meant to purchase cattle fodder, medicines and animal husbandy equipment in Bihar.

Ketan Parekh and the stockmarket : A former stock broker from Mumbai, Ketan Parekh was involved in cicrcular trading with companies like Global Trust Bank and Madhavpura Mercantile Co-operative Bank. Rs.48 crore from a unit of Canara Bank in a 1992.

Telgi and stamp paper : Abdul Karim Telgi’s fake paper scam which was discovered in 2003 estimated a loss of Rs. 30, 000 crore for the country.

Harshad Mehta : Harshad Mehta, popularly called the Big Bull among traders, triggered a trend in the stock market before his scam, worth Rs. 4000 crore, was exposed in 1992.

Satyam : Satyam Computers Chief B. Ramalinga Raju misappropriated books and inflated figures which led to a scam that suffered a loss of Rs 8000 crore.

Adarsh Housing Society : The chief minister of Maharashtra in 2002, allotted land for the construction of a cooperative society for the retired personnel of the defense services. The CBI, IT department and the ED found Sushilkumar Shinde, Late Vilasrao Deshmukh and Ashok Chavan to be involved in the scam,

Bofors Scam : The Bofors scam which is sometimes referred to as India’s Watergate scam amounted to Rs 64 crore. The government of India and the Bofors signed a contract in 1986 for the supply of 155mm Howitzer field guns. About a year later the Swedish

Bellary Mining scam : This mining scam in Karnataka of Gali Janardhana Reddy Obulapuram Mining Company in Bellary. The state government lost Rs 16,085 crore.

Vanishing Companies Scam : Many companies were reported to have disappeared from Dalal Street after raising money from the public in 1998. A 80 companies had managed to raise an amount of over Rs 330 crore before they went missing.

Hawala scam : The Hawala scandal involved payments totaling Rs 1000 crore, which were allegedly received by politicians through four hawala brokers, the Jain brothers and accusations were leveled against some of the country’s leading politicians like L K Advani, V C Shukla, P Shiv Shankar, Sharad Yadav, Balram Jakhar, and Madan Lal Khurana.