Top 10 Scams in Indian History
Find out the corruption scandals in India.
Top 10 scams in Indian History
According to Forbes India is the most corrupt country in Asia and stands at the 76th place of the most corrupt countries of the world. History has been an evidence of the every lasting corruption in India, and every 7 out of 10 Indians pay the bribe at some point. Several scams have been recorded in the past and it is really surprising when we see the amount of money involved.
Here are top 10 corruption scams in India
#1 2G Spectrum Scam, 2008
Money involved-1, 76,000 Crores
Communication bandwidth was auctioned for lower than market value. The politicians of the Congress-led coalition government were accused of under-charging telecom companies and making arbitrary spectrum allocations. The Comptroller and Auditor General (CAG), found a gap of 1,76, 00 crores between the money collected and the money which should have been collected according to the law. Former telecom minister A. Raja was accused to have taken 3000 as he today passes his term in Tihar jail.
#2 Commonwealth Games Scam, 2010
Money involved- 70,000 Crores
It was going to be a proud moment for India to host the commonwealth games, but sadly it ended up bringing up shame for the nation. Only half of the estimated amount was spent on the games and Indian sportspersons. The corrupt organizing committee had arranged poor living arrangements for athletes, which faced a lot of criticism in international media.
#3 Indian Coal Allocation Scam, 2012
Money involved- 1, 86,000 Crores
The money involved was huge, the government instead of auctioning the coal blocks, allocated them at a price lower than what it should have been. Supreme Court rules out that all coal blocks since 1993 were illegal. Former PM Manmohan Singh was accused. This is also known as the ‘Colgate scam’.
#4 Satyam Scam, 2009
Money involved- 14, 000 Crores
It was a scam held at Satyam computer services which shattered the peace of Indian investors and shareholders beyond anything. It is the biggest corporate scam so far. The company’s founder Ramalinga Raju and his brothers kept everyone in the dark and presented false information about revenues, interests, cash balance and profits of the board. They were found guilty of misleading the market and were sentenced to 7 years jail in 2015 and a 5 crore fine. The company has now been taken over by Tech Mahindra.
#5 Bihar Fodder Scam,
Money involved- 1000 Crores
In this corruption scandal worth Rs.900 crore, an unholy nexus was traced involved in of “vast herds of fictitious livestock” for which fodder, medicine and animal husbandry equipment was supposedly procured. A network of politicians, government officials and senior bureaucrats involved in the scam would supply fewer goods but would misrepresent or inflate the figures in official documents. The accused Lalu Yadav had to resign from the CMs post.
#6 Telgi Scam, 2002
Money involved- 20,000 Crores
Abdul Karim Telgi had mastered the art of forgery in printing duplicate stamp papers and sold them to banks and other institutions. The tentacles of the fake stamp and stamp paper case had penetrated 12 states and were estimated at a whopping Rs. 20000 crore plus. The Telgi clearly had a lot of support from government departments that were responsible for the production and sale of high-security stamps.
#7 Bofors Scam, 1980’s and 90’s
Money involved- 200 Crores
The Bofors scandal or the Bofors gun deal took place during the 1980s and 90s. The Indian government bought 410 field howitzer guns from Bofors, an arms manufacturing company in Sweden. The deal was worth It was the also biggest arms deal ever made in Sweden and used up the money allocated for other development projects. Most of all, the Bofors scam had a strong emotional appeal because it was a scam related to the defense services and India’s security interests.
#8 Sharda Group Scam, 2013
Money involved- 40, 000 Crores
A financial scam caused by Ponzi scheme run by Sharda group, a consortium of over 200 private companies that were believed to be running collective investments schemes popularly but incorrectly referred to as chit funds. It targeted people from low-income groups and those with no access to banking facilities. It took place mainly in Odisha and West Bengal and as Kunal Gosh is in jail.
#9 Hawala Scam, 1991
Money involved- 100 Crores
The Hawala case to the tune of $18 million bribery scandal, which came in the open in 1996, involved payments allegedly received by country’s leading politicians through hawala brokers. From the list of those accused also included Lal Krishna Advani who was then the Leader of Opposition.
#10 Harshad Mehta Scam, 1992
Money Involved- 5000 Crore
Harshad Mehta was a very well known stock-broker who was the mastermind behind many financial crimes and financial fraud to manipulate stocks in 1992. He was accused of exploiting various loopholes in the Indian banking system and swindling the banks out of a huge sum which was estimated to be around 4000 !