Monday, January 17, 2011

Indian Scams

1. Ramalinga Raju
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The scam at Satyam Computer Services is something that will shatter the peace and tranquillity of Indian investors and shareholder community beyond repair. Satyam is the biggest fraud in the corporate history to the tune of Rs. 14000 crore.
The company’s disgraced former chairman Ramalinga Raju kept everyone in the dark for a decade by fudging the books of accounts for several years and inflating revenues and profit figures of Satyam. Finally, the company was taken over by the Tech Mahindra which has done wonderfully well to revive the brand Satyam.
The biggest corporate scam in India has come from one of the most respected businessmen.
Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books.
His efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed, after which he decided to confess the crime.
With a fraud involving about Rs 8,000 crore (Rs 80 billion), Satyam is heading for more trouble in the days ahead.
On Wednesday, 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. The NYSE-listed firm could also face regulator action in the US.
"I am now prepared to subject myself to the laws of the land and face consequences thereof," Raju said in a letter to SEBI and the Board of Directors, while giving details of how the profits were inflated over the years and his failed attempts to "fill the fictitious assets with real ones."
Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (Rs 50.40 billion) as against Rs 5,361 crore (Rs 53.61 billion) reflected in the books."
2. Harshad Mehta
He was known as the 'Big Bull'. However, his bull run did not last too long. He triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments.
Taking advantages of the loopholes in the banking system, Harshad and his associates triggered a securities scam diverting funds to the tune of Rs 4000 crore (Rs 40 billion) from the banks to stockbrokers between April 1991 to May 1992. Although not corruption scams, these have affected many people. There is no way that the investor community could forget the unfortunate Rs. 4000 crore Harshad Mehta scam and over Rs. 1000 crore Ketan Parekh scam which eroded the shareholders wealth in form of big market jolt.
Harshad Mehta worked with the New India Assurance Company before he moved ahead to try his luck in the stock markets. Mehta soon mastered the tricks of the trade and set out on dangerous game plan. Mehta has siphoned off huge sums of money from several banks and millions of investors were conned in the process. His scam was exposed, the markets crashed and he was arrested and banned for life from trading in the stock markets.
He was later charged with 72 criminal offences. A Special Court also sentenced Sudhir Mehta, Harshad Mehta's brother, and six others, including four bank officials, to rigorous imprisonment (RI) ranging from 1 year to 10 years on the charge of duping State Bank of India to the tune of Rs 600 crore (Rs 6 billion) in connection with the securities scam that rocked the financial markets in 1992. He died in 2002 with many litigations still pending against him.
3. Ketan Parekh
Ketan Parekh followed Harshad Mehta's footsteps to swindle crores of rupees from banks. A chartered accountant he used to run a family business, NH Securities.
Ketan however had bigger plans in mind. He targetted smaller exchanges like the Allahabad Stock Exchange and the Calcutta Stock Exchange, and bought shares in fictitious names.
His dealings revolved around shares of ten companies like Himachal Futuristic, Global Tele-Systems, SSI Ltd, DSQ Software, Zee Telefilms, Silverline, Pentamedia Graphics and Satyam Computer (K-10 scrips).
Ketan borrowed Rs 250 crore from Global Trust Bank to fuel his ambitions. Ketan alongwith his associates also managed to get Rs 1,000 crore from the Madhavpura Mercantile Co-operative Bank.
According to RBI regulations, a broker is allowed a loan of only Rs 15 crore (Rs 150 million). There was evidence of price rigging in the scrips of Global Trust Bank, Zee Telefilms, HFCL, Lupin Laboratories, Aftek Infosys and Padmini Polymer.
4. C R Bhansali

The Bhansali scam resulted in a loss of over Rs 1,200 crore (Rs 12 billion).
He first launched the finance company CRB Capital Markets, followed by CRB Mutual Fund and CRB Share Custodial Services. He ruled like a financial wizard 1992 to 1996 collecting money from the public through fixed deposits, bonds and debentures. The money was transferred to companies that never existed.
CRB Capital Markets raised a whopping Rs 176 crore in three years. In 1994 CRB Mutual Funds raised Rs 230 crore and Rs 180 crore came via fixed deposits. Bhansali also succeeded to to raise about Rs 900 crore from the markets.
However, his good days did not last long, after 1995 he received several jolts. Bhansali tried borrowing more money from the market. This led to a financial crisis.
It became difficult for Bhansali to sustain himself. The Reserve Bank of India (RBI) refused banking status to CRB and he was in the dock. SBI was one of the banks to be hit by his huge defaults.
5. Cobbler scam
Sohin Daya, son of a former Sheriff of Mumbai, was the main accused in the multi-crore shoes scam. Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested for creating several leather co-operative societies which did not exist.
They availed loans of crores of rupees on behalf of these fictitious societies. The scam was exposed in 1995. The accused created a fictitious cooperative society of cobblers to take advantage of government loans through various schemes.
Officials of the Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co-operative Bank, and Bank of Bahrain and Kuwait were also charge sheeted.
6. Dinesh Dalmia
Dinesh Dalmia was the managing director of DSQ Software Limited when the Central Bureau of Investigation arrested him for his involvement in a stocks scam of Rs 595 crore (Rs 5.95 billion).
Dalmia's group included DSQ Holdings Ltd, Hulda Properties and Trades Ltd, and Powerflow Holding and Trading Pvt Ltd. Dalmia resorted to illegal ways to make money through the partly paid shares of DSQ Software Ltd, in the name of New Vision Investment Ltd, UK, and unallotted shares in the name of Dinesh Dalmia Technology Trust.
Investigation showed that 1.30 crore (13 million) shares of DSQ Software Ltd had not been listed on any stock exchange.
7. Abdul Karim Telgi

He paid for his own education at Sarvodaya Vidyalaya by selling fruits and vegetables on trains. He is today famous (or infamous) for being he man behind one of biggest scams!
The Telgi case is another big scam that rocked India. The fake stamp racket involving Abdul Karim Telgi was exposed in 2000. The loss is estimated to be Rs 171.33 crore (Rs 1.71 billion), it was initially pegged to be Rs 30,000 crore (Rs 300 bilion), which was later clarified by the CBI as an exaggerated figure.
In 1994, Abdul Karim Telgi acquired a stamp paper license from the Indian government and began printing fake stamp papers.Telgi bribed to get into the government security press in Nashik and bought special machines to print fake stamp papers.
Telgi's networked spread across 13 states involving 176 offices, 1,000 employees and 123 bank accounts in 18 cities.
8. Virendra Rastogi

Virendra Rastogi chief executive of RBG Resources was charged with for deceiving banks worldwide of an estimated $1 billion.
He was also involved in the duty-drawback scam to the tune of Rs 43 crore (Rs 430 milion) in India.
The CBI said that five companies, whose directors were the four Rastogi brothers -- Subash, Virender, Ravinde and Narinder -- exported bicycle parts during 1995-96 to Russia and Hong Kong by heavily over invoicing the value of goods for claiming excess duty draw back from customs.
9. The UTI Scam
Former UTI chairman P S Subramanyam and two executive directors -- M M Kapur and S K Basu -- and a stockbroker Rakesh G Mehta, were arrested in connection with the 'UTI scam'.
UTI had purchased 40,000 shares of Cyberspace between September 25, 2000, and September 25, 2000 for about Rs 3.33 crore (Rs 33.3 million) from Rakesh Mehta when there were no buyers for the scrip. The market price was around Rs 830. The CBI said it was the conspiracy of these four people which resulted in the loss of Rs 32 crore (Rs 320 million).
Subramanyam, Kapur and Basu had changed their stance on an investment advice of the equities research cell of UTI. The promoter of Cyberspace Infosys, Arvind Johari was arrested in connection with the case. The officals were paid Rs 50 lakh (Rs 5 million) by Cyberspace to promote its shares.
He also received Rs 1.18 crore (Rs 11.8 million) from the company through a circuitous route for possible rigging the Cyberspace counter.
10. Uday Goyal
Uday Goyal, managing director of Arrow Global Agrotech Ltd, was yet another fraudster who cheated investors promising high returns through plantations.
Goyal conned investors to the tune of over Rs 210 crore (Rs 2.10 billion). He was finally arrested.
The plantation scam was exposed when two investors filed a complaint when they failed to get the promised returns.
Over 43,300 persons had fallen into Goyal's trap. Several criminal complaints were filed with the Economic Offences Wing. The company's directors and their relatives had misused the investors' money to buy properties. The High Court asked the company to sell its properties and repay its investors.
Ok... while we are on a roll.. lets have one more in here!
11. Sanjay Agarwal
Home Trade had created waves with celebrity endorsements.
But Sanjay Agarwal's finance portal was just a veil to cover up his shady deals. He swindled a whopping Rs 600 crore (Rs 6 billion) from more than 25 cooperative banks.
The government securities (gilt) scam of 2001 was exposed when the Reserve Bank of India checked the acounts of some cooperative banks following unusual activities in the gilt market.
Co-operative banks and brokers acted in collusion in abid to make easy money at the cost of the hard earned savings of millions of Indians. In this case, even the Public Provident Fund (PPF) was affected.
A sum of about Rs 92 crore (Rs 920 million) was missing from the Seamen's Provident Fund. Sanjay Agarwal, Ketan Sheth (a broker), Nandkishore Trivedi and Baluchan Rai (a Hong Kong-based Non-Resident Indian) were behind the Home Trade scam.

12) 2G Spectrum Scam

We have had a number of scams in India; but none bigger than the scam involving the process of allocating unified access service licenses. At the heart of this Rs.1.76-lakh crore worth of scam is the former Telecom minister A Raja – who according to the CAG, has evaded norms at every level as he carried out the dubious 2G license awards in 2008 at a throw-away price which were pegged at 2001 prices.

13) Commonwealth Games Scam



Another feather in the cap of Indian scandal list is Commonwealth Games loot. Yes, literally a loot! Even before the long awaited sporting bonanza could see the day of light, the grand event was soaked in the allegations of corruption. It is estimated that out of Rs. 70000 crore spent on the Games, only half the said amount was spent on Indian sportspersons.
The Central Vigilance Commission, involved in probing the alleged corruption in various Commonwealth Games-related projects, has found discrepancies in tenders – 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.

14) Telgi Scam

As they say, every scam must have something unique in it to make money out of it in an unscrupulous manner- and Telgi scam had all the suspense and drama that the scandal needed to thrive and be busted.
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 was estimated at a whooping 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.

15) Bofors Scam


The Bofors scandal is known as the hallmark of Indian corruption. The Bofors scam was a major corruption scandal in India in the 1980s; when 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 million were allegedly paid to members of PM Rajiv Gandhi’s Congress.
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.

16) The Fodder Scam





If you haven’t heard of Bihar’s fodder scam of 1996, you might still be able to recognize it by the name of “Chara Ghotala ,” as it is popularly known in the vernacular language.
In this corruption scandal worth Rs.900 crore, an unholy nexus was traced involved in fabrication of “vast herds of fictitious livestock” for which fodder, medicine and animal husbandry equipment was supposedly procured.

17) The Hawala Scandal

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.
Thus, for the first time in Indian politics, it gave a feeling of open loot all around the public, involving all the major political players being accused of having accepted bribes and also alleged connections about payments being channelled to Hizbul Mujahideen militants in Kashmir.

18) IPL Scam

Well, I am running out of time and space over here. The list of scandals in India is just not ending and becoming grave by every decade. Most of us are aware about the recent scam in IPL and embezzlement with respect to bidding for various franchisees. The scandal already claimed the portfolios of two big-wigs in the form of Shashi Tharoor and former IPL chief Lalit Modi.
So, can we live a scam-free life in India for a while now?
  1. (1948)Jeep Scandal.[63][64]
  2. Haridas Mundhra Scandal ( 1957).[65][66]
  3. K D Malaviya-Sirajuddin Oil Scandal.[67][63][68]
  4. 1971 Nagarwala Scandal.[69][70]
  5. 1975: Declaration of Emergency.[71][72]
  6. Sukhna Land Scandal.[73][74][75][76]
  7. 2G Spectrum Scam.[77][78]
  8. Oil for Food Programme Scam.[79][80]
  9. Barak Missile Scandal.[81][82]
  10. Palmolein Oil Scam.[83][84]
  11. Initial Public Offer(IPO) Scam.[85][86]
  12. Common Wealth Games(CWG) Corruption.[87][88]
  13. Mining Scams.[89][90]
  14. Bitumen Scam.[91][92]
  15. Cement Scandal.[93][94]
  16. IPL Scam.[95][96]
  17. Animal Husbandry Scam.[97][98]
  18. Satyam Software Services Scam.[99][100]
  19. Tansi Land Scam.[101][102]
  20. ULIP Insurance Scam.[103][104]
  21. Cash For Votes Scandal.[105][106]
  22. RBG Resources Scam.[107][108]
  23. Bangalore - Mysore Infrastructure Corridor Fraud.[109][110]
  24. Bofors Scam.[111][112]
  25. Haji Scams.[113][114]
  26. Animal Fodder Scam.[114][115]
  27. Human Trafficking Scam.[116][117]
  28. Churhat Lottery Scam.[118][119]
  29. Telgi Stamp Papers Scam.[120][121]
  30. Urea Scam.[122][123]
  31. St Kitts Forgery.[124][125]
  32. Anantnag Transport Subsidy Scam.[71][126]
  33. Yugoslav Dinar Scam[127][128]
  34. Kargil and Coffin Scam.[129][130]
  35. Uday Goyal Arrow Global Agrotech Scam.[131][132]
  36. Emaar Scam.[133][134]
  37. Spiritual Guru Scams.[135][136]
  38. HDW Submarine Scandal.[137][138]
  39. Kashmir Sex Racket Scam.[139][140]
  40. Babri and Ram Mandir Scam.[141][142]
  41. Land Acquisition Scams on name of SEZ with harassment false cases.[143][144]
  42. Profident Fund Scam with Current corrupted Judges in both Supreme Court and High Court.[145][146]
  43. Ketan Parek Stock Market Scam.[147][148]
  44. Bansali Scam.[149][150]
  45. Cobbler and Shoes Scam.[151][152]
  46. Nagarjuna Finance Scam.[153][154]
  47. Dalmia DSQ Software Scam.[155][156]
  48. UTI Scam.[146][157]
  49. Uday Goyal Scam.[131][158]
  50. Letter of Credit (LOC) Scam.[127][159]
  51. Sanjay Agrawal Home Trade Scam.Scam.[160][161]
  52. LIC Insurance Scam.[162][163]
  53. Adarsh Housing Society by Military and Politicians.[164][165]
  54. Harshad Mehta Stock Market Scam.[166][167]
  55. Suflam Sujalam Scam.[168]
  56. Madhavpura Mercantile Cooperative Bank (MMCB) Scam.[169][170]
  57. Hawala Transaction Scams.[127][171]
  58. Global Trust Bank Scam and Bankruptcy.[172][173]
  59. Charminar Cooperative Urban Bank (CCUB) Scam and Bankruptcy.[174][175]
  60. Vasavi Bank Scam and Bankruptcy.[176][177]
  61. Krushi Cooperative Urban Bank (KCUB) Scam.[178][179]
  62. Prudential Bank Scam and Bankruptcy.[180][181]
  63. Nagpur District Central Cooperative Bank (NDCCB) Scam.[181][182]
  64. 2010 housing loan scam.[183][184]
  65. Sugar Import Scam.[185][186]
  66. Preferential Allotment Scam.[187]
  67. Meghalaya Forest Scam.[187]
  68. Fertiliser Import Scam.[187][188]
  69. Telecom Scam.[189][190]
  70. SNC Lavalin Power Project Scam.[191][192]
  71. Teak Plantation Swindle Scam.[193][194]
  72. Scorpene Submarine Scam.[195][196]
  73. Taj Corridor Scam.[197][198]
  74. Army Ration Pilferage Scam.[199][200]
  75. State Bank of Saurashtra Scam.[201][202]
  76. Flood Relief Scam.[203][204][205]
  77. Rice Export Scam.[206][207]
  78. Bulletproof Jackets Scam.[208][209]
  79. MCD Pension Scam.[210][211]
  80. AICTE Scam.[212][213]
  81. Medical Council of India(MCI) Scam.[214][215]
  82. Rail Recruitment Scam.[216][217]
  83. NREGA Scam.[218][219]
  84. Siachen Scam.[220][221]
  85. J & K Milk Scam.[222][223]
  86. Gorshkov Scam.[224][225]
  87. MPLAD Scam.[226][227]
  88. Public Distribution System(PDS) Scam.[228][229]
  89. Rajya Sabha Vote Scam.[230][231]
  90. Cash for Questions in Parliament Scam.[232][233][234]

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