SCAMS IN INDIA
Top 10 Corruption Scams in India
The post below talks about some of the biggest and most talked about Corruption scams in India. While there are corruption scams being unearthed very regularly, we have selectively come up with list that have been most damaging. Unfortunately in most of the cases, the perpetrator of scams are still at large because cases are pending in Indian Courts.
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 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.
Some of the below listed scams you would already know about, but some may really surprise you with their size. Please note that the amount mentioned in the scams in appropriation. No one knows exact figures. We have collected the numbers from various sources.
The Top Scams in India
1) Indian Coal Allocation Scam – 2012 – Size 1.86L CroreWhile many think that 2G scam remains the biggest one in size in India. But this coal allocation scam dwarfs it by the amount involved. This scam is in regards to Indian Government’s allocation of nation’s coal deposit to PSU’s and private companies. The scam happened under Manmohan Singh government and came out in 2012.
The basic premise of this scam was that wrongful allocation of Coal deposits by Government without resorting to competitive bidding, which would have made huge amounts to the Government (to tune of 1.86 Lakh crore). However, the coal deposits were allocated arbitrarily.
2) 2G Spectrum Scam – 2008 – 1.76 L CroreWe 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.
In some respects, this remains the biggest scam in India if you consider the inflation. The 2G spectrum allocation happened 5 years earlier than Coal Scam which came out in 2012.
The cases are still going on against many people including A. Raja, M. K. Kanimozhi and many telecommunication companies as well.
3) Wakf Board Land Scam – 2012 – 1.5-2L CroreIn March of 2012, Anwar Maniapddy, the chairman of Karnataka State Minorities Commission submitted a sensational report which alleged 27,000 acres of land, which was controlled by Karnataka Wakf Board had been allocated illegally or misappropriated. The value of land which was misappropriated was in tune of 1.5 to 2 lakh crore rupees.
The land managed by Wakf board, a Muslim charitable trust, is typically donated to under-privileged and poor people of Muslim community. However, the report alleged that nearly 50 percent of the land owned by Wakf board was misappropriated by Politicians and Board members in conjunction with real estate mafia at fraction of actual land cost.
The investigations for this are currently ongoing.
4) Commonwealth Games Scam – 2010 – 70,000 CroreAnother 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.
5) Telgi Scam – 2002 - 20,000 CroreAs 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.
6) Satyam Scam – 2009 – 14,000 CroreThe scam at Satyam Computer Services is something that will shatter the peace and tranquility 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.
7) Bofors Scam – 1980s & 90s – 100 to 200 CroreThe 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.
8) The Fodder Scam – 1990s - 1,000 CroreIf 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.
9) The Hawala Scandal – 1990-91 – 100 CroreThe 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 channeled to Hizbul Mujahedeen militants in Kashmir.
10) Harshad Mehta & Ketan Parekh Stock Market Scam – 1992 – 5000 Crore CombinedAlthough 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?
India's top 5 corporate scams stuck in judicial quagmire
5 years on, the Satyam Computers scam is back in the headlines with the Enforcement Directorate formally seeking prosecution of prime accused B Ramalinga Raju, his kin and 166 companies for money laundering through a web of inter-connected transactions and pledge of inflated shares. The Satyam fraud is being simultaneously investigated by several other agencies as well, including the Central Bureau of Investigation, the SFIO and the income-tax department. But in the interim, Ramalinga Raju its chief architect is roaming free, out on bail, having spent barely 2 years in jail as the investigations continue at a tardy pace.
An accounting scandal where Ramalinga Raju confessed to having cooked up the accounts of Satyam Computers and inflated its bank balances. He has, along with his family members, also been accused of laundering money through a mesh of hundreds of companies.
Out of jail, on bail! Raju walked out in late November 2011 after spending 32 months behind bars after the CBI failed to charge him on time and the ED delayed launching criminal prosecution because of lack of clarity on which court will hear the matter. Not just Raju, but all the 10 co-conspirators are also out on bail. The CBI is is believed to be nearing completion of the case. But with the ED chargesheet, which includes 37 other individuals apart from the 10 prime accused and 166 companies, just being filed, it could take more time before there is closure to this case.
Parekh was involved in circular trading and stock manipulation through 1999-2001 in a host of companies. Like his mentor Harshad Mehta, Parekh too borrowed from banks like Global Trust Bank and Madhavpura Mercantile Co-operative bank, and manipulated a host of stocks popularly known as K-10 stocks.
Parekh has spent only 1 year in jail but has been banned from trading in the Indian stock markets till 2017. His name though, continues to haunt the street as he has been accused of pulling the strings from the backstage. An IB (Intelligence Bureau) report last year alleged that Parekh and his associates were still engaged in circular and insider trading through front entities, but it was very difficult to establish his complicity because these were largely benami transactions.
An online business survey firm that collected thousands of crores of rupees from over 24 lakh investors, asking them to fill surveys and guaranteeing to quadruple their income in one year, Speak Asia was accused of running a Ponzi scheme. A criminal case was registered against the firm in 2011, some accounts frozen and its business shutdown.
The Economic Offences Wing (EOW) despite promising to file a watertight case hasn’t yet filed a chargesheet in the case, even with the Bombay High Court rapping it for clubbing all the cheating cases together, leading to a delay. Speak Asia’s panelists have still not been refunded their money (Over Rs 2,000 Cr is due according to some media reports) and its key management personnel are absconding, with no convictions made till date.
A brokerage embezzling funds from over 25 corporate banks across Maharashtra by luring them with higher interest rates on gilt trading. Investigations revealed that the G-Secs which Home Trade claimed to have bought, were not physically delivered and may not have even existed.
According to an India Today report Agarwal who was arrested in 2002 is out on bail. The case has been indefinitely delayed due to the accused not turning up for court hearings.
One of the biggest Ponzi schemes in West Bengal that enjoyed political patronage and lured millions of investors to deposit money with the promise of abnormally high returns including fancy holidays etc. The chit fund eventually collapsed leading to defaults after a crackdown by SEBI and the Reserve Bank of India. The default, apart from leaving small depositors high and dry, also led to 10 media outlets owned by Saradha being forced to wind up, leaving 1000 journalists jobless.
Various agencies including ED and SFIO are probing the misappropriation of funds. Sudipto Sen, the Chairman and managing director of the Saradha Group was arrested earlier this year and the Enforcement Directorate has been granted his custody for interrogation to probe money laundering. Suspended TMC MP Kunal Ghosh, who was accused by Sen for being involved in the scam has been called for questioning by SFIO, but not arrested yet. The state had set up a fund of Rs 500 crore for compensating poor depositors. Of Saradha’s 1.7 million investors, only 1000 depositors were indemnified in September and about 1 lakh were expected to be compensated before durga puja.
List of Scams in India – Every Indian must see this...
Prominent Scams Before 2005
- Harshad Mehta Big Bull Scam – 4000 crore
- Lalu’s Chara Ghotala – 950 crores – July 2008 IAS officer Sajjal gets four-yr RI for 39 crore scam
- Hawala Scandal – 5000 crores
- Bofors Scandal – 64 crores (Also Read: 1 2 3)
- Narendra Rastogi serial scammer – more than 43 crores (Read more1)
- Dalmia Scandal – 595 crores
- Civil Aviation Minister Praful Patel fraud case-50 crores
- UTI Scam – 32 crores
- Mutual Fund Scam – 1350 crores
- Bansali Scam – 1200 crores
- Ketan Parekh’s Sebi Scam- 888 crores - June 08 – SC issues arrest warrant against Ketan Parekh
- Cobbler Scam – 1000 crores
- Bribe to allot petrol pumps scam
- Churhat lottery scam – ?
- Anantnag transport subsidy scam – ?
- Bangalore – Mysore Infrastructure Corridor – ?
- Kerala SNC Lavalin power scandal – 374.5 crore loss – Dec 09 – Accused CPM leader Vijayan gets bail in graft case.
- Telgi Scam – 171 crores - Telgi was sentenced 13 yrs RI and 100 cr fine. (Read More 1 2 Timeline 3)
- Mayawati’s Taj Corridor- 175 crores alleged scam – Case was dropped in 2007 by the pecial designated court due to insufficient evidence (Read more 1 Is Politics such a high paying profession ? 2 May 2008 -Mayawati attempts to stop CBI investigation 3)
- Motilal Goel Scam – 1000 crore
- West Bengal Telecom Scam – 400 crores
- India’s unchecked textbooks racket – estimated 225 crores
- Urea Scam – 133 crores
- Meghalaya lottery scam - 25000 crore
- Ration Card Scam – 3 crore
- Car Financing Scam – ? crore
- Junior Basic Trained teachers’ recruitment scam- ?
- Flood Relief Scam – 13 crores (Read more 1)
Let them eat plastic bags – Gautam Goswami
- Temple Lands Scam – 30 crores
- Franking Scam – 30 crores
- Volkswagon Equity Scam – 11 crores – Sep 10 – CBI names 6 accused
- National Slum Development Programme – 1.52 crores (Same guy of Flood Relief Scam May 05 who said “Victims can eat plastic bags”)
- Kerala State Electricity Board – 89.32 crores (alleged corruption worth Rs. 100 crores was also involved in the drinking water project)
- Indian Oil Corporation Scam – ? crores
- Just talks of investigation of scam shaves off 89000 crores from the market capital
- CBI nets 70 officials in all-India anti-corruption drive
- Nagmani Scam – 1.5crore
- Stamp Scam (Goa) - 30.19 crore
- Evasion of duty on High End Car’s – ? crore
- Okhla Industrial Development Authority (Noida) land scam – ? crore
- Employment Guarantee Scheme (EGS) Scam- 9.1 crore
Delivering a talk on Corruption in democratic governance,Pandey said that “At present, the total amount of black money in India has been estimated to be in the range of Rs 50,000 crore and Rs 1,00,000 crore. The most worrisome is the fact that even those quarters that are supposed to fight corruption are not totally corruption-resistant”.
Read more: ‘Black money behind politics’
- Local Area Development Scheme (MPLADS) Scam – ? crores
- National Agricultural Cooperative Marketing Federation of India (NAFED) Scam – 250 crores – Sep 2007 – HC pulls up CBI for not registering case
“I am pained to observe that the law in this country punishes very harshly the small offenders involved in offences of stealing of small amounts to the tune of few hundreds or few thousands. ”Such accused are often sent to jail by the big fishes who defraud the exchequer of crores of rupees…they are dealt with by investigating agencies in a different manner and the law does not act with the same harshness to these offenders,” Justice Dhingra observed in a recent order. ”This attitude of the investigating agencies is beyong comprehension,” he said while directing the CBI to register a case against Pankaj Aggarwal, the alleged mastermind in the scam. Aggarwal has his business in Dubai.December 2005
- Election Fund Scam – ? Crores
- Operation Blackboard scam – 1000 crores
- Oil for Food Scam – ?
- Rice Scam – 320 crores
- Benami Demat Scam – 30 crores (Sanjay Pandey the same guy in cobbler scam pre 2005)
- Benami IPO Scam – 32 crores
- Liquor Scam – 3600 crores
- Jaitley an MP who allegedly bailed out Ketan Parekh in Madhavpura Mercantile Co-operative Bank scam case (see Pre 2005 list) one of the biggest scammers enjoys a lavish lifestyle.
- The controversial Scorpene Deal – ? crores
- MTNL GSM Scam – 450 crore
- Chautala Scam – 1400 crores
- BPL Red Cards Scam – 1400 crores
- The Great Wheat Scam – ?
- UTI Franchisee forgery – ? crores
- Punjab State Council of Education Research and Training (SCERT) Scam – more than 3 crores
- BPO Scam – more than 3 crore
- Bellary bribe – 150 crore
- Duty Exemption Pass Book (DEPB) scheme Scam – 10 crore
- Unaccounted money on sale of petrol pumps – 18 crores
- Punjab Chief Minister Captain Amarinder Singh goes on a multi-crore holiday extravaganza – 2.5 crores
- Tata Finance scandal – ? crores
- Top Punjab cops booked for wireless sets scam – 5 crores
- Koda Scandal – 2500 crores – Nov 09 – First arrest made Feb 10 – 1 crore ceized , Ujjawal Chaudhary, senior Income Tax (I-T) officer who was going to reveal connections with politicians and hawals traders abruptly shifted
- Punjab Chief Minister Captain Amarinder Singh in real estate fraud – more than 2100 crores (See Aug 2006)
- Earlier, all of them had got anticipatory bail from the Punjab and Haryana High Court. Today, they moved regular bail applications. A senior counsel of the Supreme Court appearing on behalf of Captain Amarinder Singh had stressed before the court that his client be granted regular bail till the conclusion of the trial.
- “We are discussing legal recourse to be taken in the Apex Court. We may even file public interest litigation before the Supreme Court asking for intervention in the case. It is a mockery of the law we are witnessing in the case. Scores of witnesses are going back on their words. We may even demand the CBI inquiry into the change of stance by the witnesses,” – Report of Jan 2008
- West Bengal State Consumer’s Federation Ltd (CONFED) Paddy Scam– ? crore
- SEZ Controversies – RBI fears of a revenue loss — some Rs. 170,000 crore over the next five years by way of income tax, excise and customs duties foregone (based on a NIPF study). Read More 1
- Dharmesh Doshi, Madhavpura Cooperative Bank scam – 1030 crores
- Barak Missile Deal – 400 crore – The CBI case alleges that Rs 2 crore were paid to the president of a political party (Jaya Jaitley), who functioned from the residence of the then Defence Minister (George Fernandes). March 2008 Nandas claim innocence
- Blood Test Kit Scam – ?
- Bangalore Development Authority and Bangalore Mahanagara Palike on illegal constructions – 180 crore
- NSDL and CDSL bags illegitimate profits in an IPO manipulation scam– 116 crore
- SMS Con – 40-100 crore (Read more 1)
- Agrofed job scam – ? crore
- Haj Quota scam- bribes taken to illegally procure seats from the Government’s subsidised Haj quota for 1 lakh muslims.
- Illegal Telephone Exchanges Scam – 1000 crores
- Non-Banking Financial Companies (NBFC) Scam – swindled 12,000 crores of small investors before leaving the state
Karnataka State Government to award a meagre cash prize (Rs. 2,000) to Jayant Tinaikar, who reportedly exposed the fake stamp paper scam 12 years ago.
- Uranium Corporation of India Limited Scam – 20 crores
- Oriental Bank Scam – 596.44 crores
- Mandankumar Scam – 3.5 crores
- Pune Hassan Ali Khan Scam – 50 crores - I-T department, ED, and IB estimates that several thousand crore rupees were routed out of India(possibly swiss banks) through havala and banking channels. (Read More 1 2)
- Congress MP Moni Kumar Subba from Tezpur, lied about his Indian nationality for 16 years manages to scam the country off by 25000 crores
There is little chance of recovery in most of these cases as there are not many assets to recover the arrears, officials claimed.
- Air Ticket Booking Scam – 13 crores
- The Royapettah Benefit Fund (RBF) in Chennai went bust drowning Rs 450 crore and leaving investors and depositors in the lurch a company allowed to operate by RBI.
- Fertilizers Subsidies Scam – ? crores
- Arunachal Pradesh’s corrupt governance: 1000 crores (Read moreMisappropriation under former CM Gegong Apang and present incumbent Dorjee Khandu) Aug 10 - Apang arrested
There were a number of cases regarding mismanagement in the Public Distribution System. People in the villages were not getting enough food allotted by the Centre. Cooperative rural banking scams affected small depositors like labourers and teachers. The hydel power sector was also in doldrums.
- Sampoorn Gramin Rojgar Yogana Scam – 457 crores . Dec 07 – Scam referred to CBI.
A muti-crore scam under which the poor were deprived of foodgrains under the state scheme. A systematic loot was taking place in the state and the government was not willing to give permission for holding a CBI probe into the scam running into crores of rupees.
- Warehouse Receipts Scandal – 500 crores
- Stock Holding Corporation of India Limited (SHCIL) Scam – ?
- Hyderabad Metropolitan Water Supply and Sewerage Board (HMWS&SB)Scam – ?
- Punjab Public Service Commission (PPSC) recruitment scam – 8 crores
Three judges of the High Court were found taking favours from Ravi Sidhu, former PPSC chairman. On April 19, 2004, 25 sitting judges of the High Court had gone on mass leave protesting Chief Justice B K Roy’s move to seek an explanation from two judges, Justice Vinay Mittal and Varinder Singh, who had allegedly applied for membership of a private golf course, Forest Hill Resort Club. The club was involved in litigation and was later demolished on the orders of the High Court. The club was illegally constructed in complete violation of Forest and Environment laws. Honorary memberships were given to IAS officers and the two judges to legitimise the illegalities
- Delhi Development Authority canteen owner Ashok Malhotra ownedmore than 50 cars and 10 motorcycles were recovered, all bearing special VIP number plates. Raid unearthed 5000 land documents, ? crores
- Former Supreme Court Chief Justice YK Sabharwal was involved in dubious judicial deal-making that earned his sons huge profits. – ? crores September 2007
- Kerala State Cooperative Bank Scam – 2000 crores
- Aircraft Import Scam – 1059 crores
- Leave Travel Concession (LTC) Scam – loss of Rs 200 crore to Government and PSUs.
- Indian Space Research Organisation (ISRO) Land Scam – ? crores
‘ISRO comes directly under the prime minister and it is they who have to launch an inquiry and not us. If they are ready for it, then the state government will provide all necessary help,’ – Kerala Chief Minister V.S. Achuthanandan
- Das filed the petition challenging the actions of the banks in waiving of around Rs 2,300 crore of public money arbitrarily without any valid reason. Describing this as the largest single waiver in the history of Indian banking industry.
- Fake housing projects in north India – 500 crores - Y S Rana from Delhi. Rana was the owner of PS&G Developers and Engineers Ltd arrested by EOW.
- Kidney Transplant Racket – ? crores more than a 1000 victims. (Read more 1 2 3 4bar)
- Many innocent labourers lost their kidney in lure of money and job.The racket is believed to be spread in various states, including Jammu and Kashmir, Rajasthan, Haryana, Delhi and Maharashtra. Source
- Coal India Ltd illegally diverted at least Rs10 crore from the funds it had collected for over a decade and meant for the Prime Minister’s National Relief Fund (PMNRF).
Part of the funds collected at the time of the Kargil war for the NDF have been transmitted as late as 27 August 2007, after the initiation of this inquiry.” The Kargil war happened in 1999.
- Funds collected for victims of the Kargil war, Orissa cyclone and Gujarat earthquake were misused by top IAS officers in Punjab – the documents prove that officers posted as deputy commissioners in Ludhiana, Patiala and Sangrur misappropriated and misused crores of money while heading the Red Cross societies in their districts.
- Lucknow Development Authority (LDA) Land Scam – 6 crores
- Punjab VB arrests whistle-blower
Punjab vigilance bureau is penny wise and pound foolish. A sub-divisional officer (SDO) who blew the whistle on a scam worth crores was arrested by the bureau in an alleged graft case (see pre 2005 SNC Lavalin). While the SDO has been suspended, his own report on the utilisation of border area funds — exposing what is probably the tip of the iceberg — is gathering dust.
- Kolkotta Museum Scam – 18 crores
One of the biggest repositories of the country’s cultural and historical heritage, has been siphoning off crores of rupees under the pretext of preserving priceless artifacts, a probe has found.
- Senior Punjab IAS officer suspended for going out of his way to help a company by hiring it without inviting tenders and extending advances without proper bank guarantees. The company failed to repay, causing loss of Rs 20 crore to the corporation.
- KPMG – India is “fraud haven”
- BCCI Dalmiya Scam – ? crores
- Illegal export of sandalwood – 5 crores
- Madhya Pradesh Health Minister Ajay Vishnoi quits after Income Tax raid on brother’s premises – 500 crore
- Hotel Le Meridien Credit card skimming – 1 crore
- Parliamentary horse trading – ? crores
- Ghaziabad Provident Fund scam – 23 crores – involved 83 accused included 36 judges, including one sitting Supreme Court judge, 11 High Court judges and 24 judges of subordinate judiciary. Beneficiaries of the ill-gotten money which was siphoned off fraudulently on the basis of fake documents and fictitious government servants and withdrawal of crores of rupees from the provident fund account of third and fourth-grade employees in Ghaziabad region between 2001 and 2008.(Read more 1) Chief Justice of India KG Balakrishnan denied heading the bench hearing (Read more 1) Dec 08 - CBI says it would seek permission to interrogate the judges. Oct – 09 – Key accused dies of heart attack while in custody Jul 10 No evidence against 17 out 41 judges and 24 remaining judges
Ghaziabad police sought permission from the Chief Justice of India and Allahabad Court to initiate a probe against the judges accused in this scam. While the Allahabad High Court dismissed the petition summarily, at the Supreme Court, Chief Justice K. Balakrishnan handled the request with remarkable astuteness and ordered a novel method of investigation that would protect the prestige and the reputation of the judiciary as far as possible.
- Fake Currency Scam in Uttar Pradesh Bank – 1.5 crores
- Fake RBI Cheques Scam – 14 crores
- Shirdi Ghat Repair – ? crores
- Mid Day Meal Scam – 15.37 crores
- 2G Spectrum Scam – 1,76,000 crores Dec 08 – Center claims that charges are baseless (Read more 1 2 3 4)
- Satyam Computer’s Emergency Management Research Institute (EMRI) Ambulance Services Scam – 5600 crores
- E-ticketing fraud – 5 crores
- 11 Directors of National Agricultural Marketing Federation of India(Nafed) face criminal action in a Rs3,700 crore fraud.
- Satyam Fraud – 7 to 14000 crores – Pricewaterhouse Coopers saw no fraud in Satyam – Nov 09 CBI arrested Satyam’s internal audit head V S Prabhakar Gupta for allegedly fabricating account books, just days before it is due to file a second chargesheet in the multi-crore fraud at the IT firm. Jul 10 – Promoters wrongfully gained 2643 crores (Read more 1 2 3 4 5 6 7)
Reports said that investors like DSP Merrill Lynch, DSP Blackrock, ILFS Financial Services and Deutsche Bank offloaded their shares days before Satyam fraud came out in open.
- Computer Purchasing Fraud – 1.53 crores
- Divine Homeopath Investment Manager – 1600 crore
- Ordnance Factory Board (OFB) arms deal scam – ? crores - Jul 10 - 6 firms get blacklisted
- Dr A S Bindra father of ace shooter Abhinav Bindra and managing director of Punjab Meats Limited, Dera Bassion had charges of cheating, fraud and forgery. He committed fraud with a Delhi-based private financial company, Apple India, to the tune of Rs 4.31 crore and with the IndusInd Bank to the tune of Rs 5 crore. (Read more 1)
- Ashok Jadeja Divine Ayurved and Money Multiplier – 100 to 1600 crores (Read more 1)
- MCD 45000 Fake Employees Scam – 500-1000 crores annually
- Bitumen Scam – more than 100 crores
- Chhattisgarh Paddy Scam – 4000 crores
- All India Council of Technical Education bribery scam – ? crores – Chairman R.A. Yadav, who drew a monthly salary of about Rs 80,000, had amassed property worth crores.
- Metal Scrap Scam – ? crores
- SBI Kanpur – 52 crores - Assistant General Manager, 2 Chief Managers and some senior managers, who were suspected to be directly involved in pilfering the bank by crediting fake cheques into select accounts.
- Austra Coke – 1000 crores
- Bollywood star Nasir Khan figures in multi crore rupee chit fund scam – 191 crore
- Gold Quest Scam – 1100 crore
- Dr Suresh Dhotre medicine fraud – 47 crores
- IAS officer Pradeep Sharma Bheed Bazaar Land allotment scam – 70 crores
- Railways and LIC Scam – 400 crores
- Bhopal Home Loan Scam – 2 crores
- Wipro Embezzlement Fraud – 180 crores
- Chak De India Scam – ?
- PAN Card Scam – 3 crores
- Kandla Port Trust (KPT) Scam – ? crores – 16000 acres of land was leased out to few parties at nominal rates.
- Fake Income Tax Returns Scam – 6 crores
- President of the Medical Council of India (MCI), Dr Ketan Desai in college scam – 500 crores - Demanded Rs 40 lakh from students seeking admission in a capitation fee racket and money for allotting seat as a management quota student. (Read more 1 2)
- Financial Fraud hits 87% of Indian companies
- Canara Bank defrauded – 9.14 crore
- Railway Recruitment Board Paper Leak – 15.5 crore (Read more 1 2)
- Lalit Modi Indian Premier League (IPL) Scam – 1200 crores (Read more 1)
- Commonwealth Games Scam - 8000 crores (Read more 1 2)
- Senior citizen savings scheme (SCSS) Post Office Scam - 2 crores (Read more 1)
- International Film Festival of India (IFFI) Infrastructure creation Scam in Goa - ? crores
- Adarsh Society Scam – ? crores
- State-owned Mineral Scrap Trading Corporation (MSTC) was defraudedby jewelery traders – 1400 crores
- Citibank swindle – 300 crores (Read more 1)
- Mahatma Gandhi