An average Indian citizen is hard working and diligent, but it is the people in charge of the system (The Babu’s) or with whom the power lays, that act as a cancer spreading the venom, slowing down progress and what all not. But, somewhere down the line, we ourselves are responsible for allowing and being taken for a ride by these people, aren’t we?
However, it is during a multi-thousand crore scam, that a tax-payer actually realizes the heartburn of being cheated from his valued contribution of funds towards the development and well-being of the nation. But, that’s what a scam, be it big or small, means – the act of swindling by some fraudulent scheme or action.
The Top Scams in India
1) 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.
2) 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.
3) 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.
4) Satyam Scam
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.
5) 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.
6) 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.
7) 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.
8) IPL Scam
Well, I am running out of time and space 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.
9,10) Harshad Mehta & Ketan Parekh Stock Market Scam
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.
So, can we live a scam-free life in India for a while now?
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As India evolves, let us not forget the Great Financial Scams as a direct result of deficit in Governance by our corrupt Politicians and Bureaucrats. Here is the Hall of Shame and the people who were responsible with estimated amount of public money being stolen.
Bofors scam (1987) Rajiv Gandhi/ O Quattarochi Rs640m
Fake stamp paper scam (1991 till 2001) A K Telgi Rs430bn
Securities scam (1992) Harshad Mehta Rs40bn
Bihar Fodder scam (1996) Lalu Prasad Yadav/ Jagganath Mishra Rs95bn
Hawala Scandal (1996) Jain Brothers Rs8.1bn
Bhansali Scam (1995) Chai Roop Bhansali Rs12bn
UTI Scam (2000) PS Subramanyam Rs320m
SBI Mutual fund scam (2001) Ketan Parekh Rs13.5bn
IPO Scam (2006) Roopalben Panchal Rs610m
Satyam scam (2009) Ramalinga Raju Rs240bn
Madhu Koda scam (2009) Madhu Koda Rs40bn
Under the weakest political leadership of Congress Party headed by Dr. Manomohan Singh, it looks like the party was determined to break their previous record of scams and hence they set a new all time record of siphoning money from Public in the year 2010 as detailed below,
2g Wireless Spectrum Scam – to the sacking and subsequent arrest ofTelecom Minister A Raja, Rs 1,760bn
Adarsh Housing Scam – Housing Tower in South Mumbai – Rs 250 bn – Apartments in the Adarsh Society, a dwelling reserved
for war widows and veterans of the Kargil war wereallocated to bureaucrats, politicians and civilians.
Commonwealth Games Scam – Congressman Suresh Kalmadi was thrown out of office of Sports Minister, accuses Delhi Chief Minister Sheila Dixit another Congress Leader together have siphoned the central treasury worth Rs 100 Bn
LIC Housing Finance scam – Officers of various public sector banks and financial institutions received bribes from the private financial services company Money Matters, which acted as anintermediary for corporate loans and other facilitiesfrom financial institutions – Rs 10 Bn
ISRO – S-bandspectrum scam – Everybody from the Office of Prime Minister lied and covered up by scrapping the deal as the company involved was very weak, otherwise the potential of the spectrum being illegally sold was worth Rs 2 trillion.
Black Money in Swiss and Other Tax heavens – Rs 30,000 Crores unearthed till date, investigations are on.
KG Basin Oil & Gas Scam – Reliance Industries – Rs 20,000 Cr Ongoing
This should stand as a note to younger Indians who don’t know what kind of a bad legacy they are inheriting from so called able and highly educated leaders such as Dr Manomohan Singh
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Indian Rice Export Scam of Rs 2,500 Cr – Courtesy Pranab Mukherjee + KamalNath
If you read the Outlook magazine dated Dec-21st, you will notice that despite objections raised by then Finance Minister Mr. P. Chidambaram and Agriculture, Food and Civil Supplies Minister – Mr. Sharad Pawar, empowered group of ministers headed by Mr. Pranab Mukherjee under the controversial leadership of then Commerce Minister Mr. Kamal Nath pushed for Rs 2,500 cr Rice Export Scam when India itself was facing food inflation and rice shortage. So now you know why prices of food and essential commodities rise
Outlook Magazine and its Journalists led by Saikat Datta have done an excellent job in recovering documents from various ministries and exposing the scam but what will be the outcome, another chapter for the book – The Great Indian scams ?
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