1. PNB scam

Image: Business Today

Recently, Punjab National Bank which has been in news for the fraud of almost 11,400 crores, also said to be the biggest scam in India’s market which has affected internationally and even Sensex has come down.

Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is messaging network connection banks and financial institutions all over the world, and PNB’s internal information was not connected with it. Fraud Lou’s were issued and Nirav Modi was taking the loan from overseas branches of Indian bank.

In the further slide, we have brought you the other scams in which India lost billions and millions of money.

2. Coal allocation scam (2012)

Image: India Today

 

One of the biggest scam in the Manmohan Singh led UPA-2 government which was reported by Comptroller and Auditor General India (CAG).

The scam was approx of Rs.1.86 lakh crores,  in which former chief minister of Jharkhand, Madu Koda was accused.

The allocation of coal blocks at the wrong time is done incorrectly. According to the final report of the CAG, it has resulted in a loss of Rs 1 lakh 86 a thousand crores to the government treasury.

Big names like NTPC, Tata Steel, Bhushan Steel, JSPL, MMTC, and CESC of both government and private companies involved.

3. 2G Spectrum Scam (2008)

Former Telecom minister, A Raja

What was the scandal?

The 2G scam was considered as India’s biggest scandal, came in the news when in the year 2010 India’s Comptroller and Auditor General of India (CAG) in it’s own 2008 report raised questions on the allocation of the spectrum in 2008.

A report by the CAG of India revealed that 2G, or second-generation licenses for mobile networks, were given at throwaway prices instead of carrying free and fair auctions.

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14 others including former Telecom Minister A Raja was accused in the scam case and also 3 big telecom companies were on the list, Swan Telecom, Reliance Telecommunications and Uninor.

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5. Waqf Board Land Scam (2012)

According to NDTV report, in Karnataka, nearly half of the 54,000 acres that is in the custody of the Waqf board has been misused. Property worth an estimated Rs. 2 lakh crores have been illegally transferred to private institutions and individuals. The report says middlemen, politicians and Waqf board officials colluded to make this happen between 2001 and 2012.

The report by the Chairman of the Minorities Commission will be tabled or shared in the Karnataka Assembly. The chief minister says he will study the report after the current assembly session concludes.

The BJP government ordered an inquiry in November after media reports that politicians and Waqf Board officials were illegally selling land to individuals.

6. Telgi scandal, 2002

Accused Abdul Karim Telgi

 

Abdul Karim Telgi who died on 26 October,17 due to his illness while serving his sentence was earlier a vegetable and fruit shop vendor in trains.

He was accused of making fake counterfeit stamp papers in which he has frauded almost Rs. 3000 crore. During his peak business, he had more than 350 agents who sold fake stamp papers to bulk buyers.

He was arrested in 1991 on charges of cheating but reportedly used his stay in the prison to learn the tricks of the trade from an expert forger, he also allegedly bribed his way out of jail.

7. Commonwealth Games scam

In 2010, the Commonwealth Games were played in the country, again in the regime of Manmohan Singh led UPA-2 government, there was a rift in the purchase of goods during the game. There was a scam of around Rs 70,000 crore, some of which were also arrested.

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According to times of India, all the accused, including Kalmadi, were charged with criminal conspiracy, cheating, forgery for purpose of cheating and were also charged under sections of the Prevention of Corruption Act.

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9. Bofor’s scandal, (1980-90)

Recently a BJP Leader, Advocate Ajay Agarwal who contested election against Sonia Gandhi from Rae Bareli filed a plea in the Supreme Court for recusal of the judge, in this case, stating Chief Justice is biased and prejudiced.

CBI lodged an FIR against the then President of Bofors Martin Ardbo for cheating and forgery. What happened was is on March 18, 1986, India signed an Rs. 1437 crore deal with Swedish Arms manufacture AB Bofors for the supply of guns. But Swedish radio channel after a year alleged that company had bribed top Indian politicians and defense personnel to secure the contract.

10. Fodder scam (1990) 

The case is regarding large-scale miss appropriation bills of government funds, to substantiate payments that were never made. Fodder was named from the fact that the scam was rooted in the Animal and Husbandry department of Bihar government and the fraudulent transactions were made in the name of procuring cattle feed over a period of 20 years, under successive regimes.

Recently, Bihar’s former Chief Minister and RJD’s Supremo Lalu Prasad Yadav has been convicted in Fooder Scam case and sentenced to 5-year Jail and 10 lakhs fine by special Court in Ranchi, this is the third Fooder scam in which he has been convicted and other two also took place in 1990’s.

11. Hawala scandal

The Hawala scandal was all about the Indian politicians who were getting money by some powerful bureaucrats or public figures between February 1998 and April 1991, through 4 Jain brothers Hawala agents, mainly involved was Surinder Kumar Jain.

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It was said to be biggest in the country because it revealed at least 100 politicians and bureaucrats of the country, the main thing which was shocking, that P.V Narasimha Rao has received nearly Rs 3.55 crore from S.K. Jain n 1991.

Harshad Mehta and Ketan Parekh Share Market Scam (1992 & 2001) 

The year 1992, which was shocking in the history of India as the year of the stock market scam. Harshad Mehta, a broker known for his rags-to-riches story and a poster boy for many investors, had used receipts of public sector banks to manipulate stock prices.

As mentioned in Economic times, the scam came to light when the State Bank of India reported a shortfall in government securities. That led to an investigation that later showed that Mehta had manipulated around Rs 3,500 crore in the system. On August 6, 1992, after the scam was exposed, the markets crashed by 72 percent leading to one of the biggest falls and a bearish phase that lasted for two years.

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