The Great Financial Scams of India

March 3, 2011 · Author: · Category: / 

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
  • SEBI Consent Order Scam – Ongoing – Revenue Loss between 2002 to 2011 – Rs 50,000 Cr

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 facilities from financial institutions – Rs 10 Bn
  • ISRO – S-band spectrum 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
  • Coal Block Allotment Scam – Rs 6.1 Lakh Crore or USD 126 Bn [CAG Report] – Uncovered in March – 2012 – Final Report is Here and the Scandal Amount is Rs 1.86 Lakh Crore [Manmohan Singh is indicted in the report, so beneficiary of corruption will be Congress]
  • Delhi Airport Land Bank Allotment Scam by Congress Government – Rs 1,63,557 crore over 58 years Loss
  • Ultra Mega Power Project Scam – Reliance Anil Ambani Group Benefited Rs 29,000 Crore – Courtesy : Congress Government’s eGoM

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  🙂

Comments

7 Responses to “The Great Financial Scams of India”

  1. Dr. Rajan Economic Adviser to Prime Minister Manmohan Singh Trashes Govt | FreePress India on April 8th, 2012 12:11

    […] Singh contributed so much to India, yet stood blind to the Hundreds of Billions of Dollar in Corruption Scandals right under his nose in his own Government by his own Men definitely deserves a disgraceful exit […]

  2. HouseHold Savings in India Hit a 22 Year Low - High Inflation + Bad Governance | Dalal Street on August 28th, 2012 10:17

    […] in Financial Products hit a 22 Year Low due to sustained High Inflation and Poor Governance of the Dr. Manmohan Singh Government embroiled in the Greatest Corruption scandals in the […]

  3. bharat vaswani on September 10th, 2012 09:57

    it is very good that you mention the scam but i want full information on that.

  4. bose mithun on April 11th, 2013 14:14

    it is a shame on the part of the government.burglars are nt required to loot people in India.politicians are there know.

  5. Mithun on May 9th, 2013 20:25

    The government is very cool.Mr.Singh has become a puppet.Its really very great that our leaders have changed such a great person into a baby doll.

  6. BoFA-Merrill SENSEX Target Swings Widely - 16,000 to 20,500 | Dalal Street on August 30th, 2013 14:16

    […] at the Center Paralyzed the Indian Economy for a whopping 4 years between 2009 and 2012 which uncovered massive scams unheard in Global History. WE do believe that SENSEX must hit 16,000 in the near future and Dirty […]

  7. High Quality Talent at CAG Aspiring to End Corruption | FreePress India on April 15th, 2015 15:06

    […] that Mr Rai published over 2010-2013 exposing the Most Corrupt Congress led Government which produced scams such as CWG, 2G, Coal Gate, etc Credit must also be given to VK Shunglu who was the first CAG to lay down a clear process for […]

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