In India, there have been many scams involving billions of rupees. Although the scams are massive in magnitude and have huge effects on the lives of Indians, they don’t make it to the top 10 list of scams in world history because they haven’t happened outside India’s borders yet. However, they make it to India’s biggest scams of all time, so here are India’s top 10 biggest scams of all time.
1. 2G SPECTRUM SCAM(2007)
What other things could be said about this scam that hasn’t already been said? Just recently, the Supreme Court said that the 2G scam made all other scams look bad. Former Telecom Minister A Raja was indicted by the CAG in the 2G scam which caused the national exchequer to lose about 176,000 cores. As A result of this, Raja had to resign.
The scandal involves accusations that mistakes were made by the Telecommunications Ministry when assigning wireless radio spectrum and licenses to private companies.
2. COMMONWEALTH GAMES SCAM(2010)
Yes, of course, how could the con artists miss the 2010 CommonWealth Games, which India hosted and which generated a lot of attention? Even before the events began, they were hounded by claims of corruption. A recent estimate suggests the scam cost as much as 35,000 crores.
Money was paid to people who didn’t exist, contracts were willfully delayed, equipment was overcharged, and mistakes were made when buying equipment. Former Commonwealth Games head Suresh Kalmadi was arrested and sent to prison in 2011 by the CBI.
3. SCAM AT TELGI(2003)
The con artist Abdul Karim Telgi, who shocked the entire country with his forgery of postage stamps, will remain memorable for all in India. According to estimates, the scam occurred in 12 states and was worth more than 20,000 crores. With the help of many government departments, this scam was one of the first to show how politicians and bureaucrats were both contributing to its prevalence.
4. SATYAM SCAM(2009)
The Satyam scandal, which costs 14,000 crores, is the biggest fraud in Indian business history. Ramalinga Raju, Satyam’s disgraced former chairman, cooked Satyam’s books for several years and inflated the company’s sales and profits. First, he tried to replace the “fake assets” with real ones by purchasing Maytas, but it didn’t work, so he told the truth. In a single day, the market capitalization of India’s fourth-largest IT company plunged by thousands of crores (roughly $100 billion) as investors sold shares, sending the script down by 78% to Rs 39.95 on the Bombay stock exchange.
5. IPL SCAM (2010)
In India, there has never been a time when so many people have enjoyed and celebrated a scam. People have said much of what the IPL does is unethical, illegal, or both. Several people claim that politicians and others use Mauritius and other tax havens to hide the identities of investors by using shell companies and fake names.
It has been rumored that matches and bids for franchises have been fixed, and that bribes, tax evasion, illegal gambling, and foreign investment rules have been broken. Lalit Modi, the founder and chairman of the Indian Premier League (IPL) as well as a vice president of the BCCI was both at the center of the growth and the controversy surrounding the tournament.
6. BOFORS SCAM(1987)
It is widely known that the Bofors scandal is one of the best examples of Indian corruption. The prime minister at the time, Rajiv Gandhi, and other people, including a powerful NRI family called the Hindujas, were accused of getting kickbacks from Bofors AB for winning a bid to supply India’s 155 mm field howitzer. Swedish State Radio broadcasted a story about an undercover operation by Sweden’s biggest arms manufacturer. This led to allegations that Prime Minister Rajiv Gandhi’s Congress party members had been given $16 million.
7. HARSHAD MEHTA SCAM(1992)
The “Big Bull” Harshad Mehta was credited in 1992 with causing the BSE to rise by using flaws in the banking system in various segments to trade shares at a premium. His friends took about Rs 50 billion (Rs 5,000 crore) from banks between April 1991 and May 1992 and gave it to stockbrokers. Ultimately, 72 criminal charges were filed against him.
8. COBBLER SCAM(1996)
In 1995, authorities arrested Dawood Shoes representative Sohin Daya, Metro Shoes representative Rafique Tejani, and Milano Shoes representative Kishore Signapurkar as part of a huge footwear scam worth tens of millions of rupees. They were accused of stealing loans of crores of rupees in behalf of fake leather cooperative societies and using these funds to make money through different schemes. People also accused people who worked for foreign state banks.
9. FODDER SCAM(1985)
This corrupt scam, commonly called Chara Ghotala, was worth 900 crore rupees and involved well-known and infamous Bihar politician Lalu Prasad Yadav. The fraud entailed creating made-up livestock in the name of buying food, medicine, and equipment for taking care of them.
10. HAWALA SCANDAL(1991)
In 1996, there was yet another corruption scandal that attracted a lot of attention. It involved $18 million in bribes that were distributed among the country’s top politicians via a hawala broker. Lal Krishna Advani, leader of the opposition, was one of the many people charged. There was shock in the ranks when it was said that all of the major political players had taken bribes and had connections to payments sent to Hizbul Mujahideen militants in Kashmir.