Ground report | New Delhi: India’s 10 biggest Government Scams; Know about the big financial scams that shook the country. Not only this, due to this the image of India also started being made as a country of scams and scams in the world. There is a long history of corruption and scams in the country, on which neither there has been any major injury nor any strict action.
India’s 10 biggest Government Scams
We will tell you about the 10 big scams of the country, after which the country was shocked.
Indian Coal Allocation Scam: 2012 –1,86,000 Crore
The biggest scam in size is said to be the mother of all scams by the amount involved. This scam is regarding the wrong allocation of coal deposits of the country by the Government of India (Manmohan Singh Govt) to PSUs and private companies without resorting to competitive bidding.
2G Spectrum Scam: 2008– 1,76,000 Crore
The communication bandwidth was auctioned by the then Telecom Minister at below market price. At the center of this Rs 1.76 lakh crore scam is former telecom minister A Raja – who, according to the CAG, has flouted norms at every level since he dumped questionable 2G license awards in 2008. The price was pegged at 2001 prices.
Wakf Board Land Scam: 2012 – 1.50,000 Crore
In March 2012, Karnataka State Minorities Commission chairman Anwar Maniappaddy submitted a sensational report alleging that 27,000 acres of land controlled by the Karnataka Waqf Board had been illegally or wrongly allotted. The value of the land, which was rigged, is being said to be Rs 1.5 to 2 lakh crore.
Commonwealth Games Scam: 2010– 70,000 Crore
Another feather in the list of Indian scams is Commonwealth Games loot. Yes, really a booty! Even before the long-awaited game bonus saw its day of light, the grand event was shrouded in corruption allegations.
Telgi Scam: 2002–20,000 Crore
This scam seems to be straight out of a Hollywood movie. In 2002, Abdul Karim Telgi was accused of counterfeiting stamp papers in India.
He appointed 350 fake agents to sell stamp papers to banks, insurance companies and stock brokerage firms. The scam was spread across 12 states and the amount involved was estimated at Rs 200 billion.
Satyam Scam: 2009–14,000 Crore
The 2009 corporate scandal, dubbed the ‘India’s Enron Scandal’, shook the Indian investors and shareholders’ community. Ramalinga Raju, chairman of Satyam Computer Services, admitted that he had forged the company’s accounts by increasing revenue and profit. The fraud involved Rs 14,000 crore.
Bofors Scam: 1980s & 90s– 100 to 200 Crore
The Bofors scam 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 Hinduja, were accused of accepting bribes to win a bid to supply India’s 155mm field howitzers from Bofors AB.
The Fodder Scam: 1990s–1,000 Crore
Popularly known as the ‘Chaara Ghotla’, Bihar’s most famous scam involved the creation of “huge herds of imaginary cattle”, for which fodder, medicine, and animal husbandry equipment were allegedly purchased.
The Hawala Scandal: 1990-91–100 Crore
Prominent political players were accused of receiving hefty bribes from hawala brokers, who basically finance terrorism around the world, and also of making payments to Hizbul Mujahideen terrorists in Kashmir. This scam was proof of the open political loot taking place in the country.
Harshad Mehta & Ketan Parekh Stock Market Scam (1992)
Although not a corruption scam, it has affected many people. There is no way the investor community can forget the unfortunate Rs. 4000 crore Harshad Mehta scam and Rs. 1000 crore Ketan Parekh scam which destroyed shareholders’ wealth in the form of major market shock.