TOP 10 Biggest Indian Scams Of All Times

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TOP 10 Biggest Indian Scams Of All Times

India has seen some of the biggest and most shocking scams throughout its history. Here is a list of the top 10 biggest Indian scams:

  1. The 2G Spectrum Scam (2008)
  • Estimated Loss: ₹1.76 lakh crore (approx. $25 billion)
  • Key Figures: A. Raja (former Telecom Minister), Kanimozhi, DB Group, Swan Telecom
  • Details: In this scam, the Indian government sold 2G spectrum licenses at below-market prices, causing massive revenue loss. The allocation was done irregularly, leading to the cancellation of 122 telecom licenses by the Supreme Court of India.
  1. The Commonwealth Games Scam (2010)
  • Estimated Loss: ₹70,000 crore (approx. $10 billion)
  • Key Figures: Suresh Kalmadi (former Chairman of CWG Organizing Committee)
  • Details: A series of corruption scandals surfaced around the Commonwealth Games held in Delhi. Allegations included inflated costs for contracts and mismanagement, with money diverted from the event’s budget for personal gain.
  1. The Coal Allocation Scam (2012)
  • Estimated Loss: ₹1.86 lakh crore (approx. $27 billion)
  • Key Figures: Manmohan Singh (former Prime Minister), P. Chidambaram (former Finance Minister), and several other politicians and businessmen
  • Details: This scam involved the irregular allocation of coal blocks to private companies at throwaway prices between 2004 and 2011, leading to a huge loss to the exchequer.
  1. The Nirav Modi – Punjab National Bank (PNB) Scam (2018)
  • Estimated Loss: ₹14,000 crore (approx. $2 billion)
  • Key Figures: Nirav Modi, Mehul Choksi (businessmen), Punjab National Bank (PNB)
  • Details: Nirav Modi and his associates defrauded the Punjab National Bank by using fake letters of undertaking (LoUs) to obtain loans from overseas branches, resulting in one of the biggest banking scams in India.
  1. The Satyam Computer Services Scam (2009)
  • Estimated Loss: ₹7,136 crore (approx. $1.1 billion)
  • Key Figures: Ramalinga Raju (Founder and Chairman of Satyam)
  • Details: Satyam Computer Services’ chairman, Ramalinga Raju, confessed to falsifying the company’s financial statements for years to inflate profits, leading to a massive corporate fraud.
  1. The Vijay Mallya – Kingfisher Airlines Scam (2016)
  • Estimated Loss: ₹9,000 crore (approx. $1.3 billion)
  • Key Figures: Vijay Mallya (business tycoon), Kingfisher Airlines, several banks
  • Details: Vijay Mallya, the owner of the now-defunct Kingfisher Airlines, took loans from several Indian banks but failed to repay them. He was accused of embezzling funds and fled India in 2016.
  1. The Harshad Mehta Stock Market Scam (1992)
  • Estimated Loss: ₹5,000 crore (approx. $700 million)
  • Key Figures: Harshad Mehta (stockbroker)
  • Details: Harshad Mehta manipulated the Bombay Stock Exchange using fraudulent means, including the illegal diversion of funds from banks, causing a massive stock market crash.
  1. The Assam Rifles Recruitment Scam (2018)
  • Estimated Loss: ₹1,000 crore (approx. $150 million)
  • Key Figures: Army officials, recruitment agents
  • Details: A large-scale scam involving the recruitment of personnel into the Assam Rifles through fake exams and rigged selection processes, with bribes exchanged for positions.
  1. The Fodder Scam (1990s)
  • Estimated Loss: ₹900 crore (approx. $130 million)
  • Key Figures: Lalu Prasad Yadav (former Bihar CM)
  • Details: Government funds meant for cattle fodder were misappropriated by Bihar politicians and officials. Lalu Prasad Yadav, then Chief Minister of Bihar, was convicted in this scam for embezzlement.
  1. The Aircel-Maxis Scam (2006)
  • Estimated Loss: ₹3,500 crore (approx. $500 million)
  • Key Figures: Dayanidhi Maran (former Telecom Minister), Maxis Group
  • Details: The Aircel-Maxis deal involved illegal investments and kickbacks. Dayanidhi Maran, who was the telecom minister, was accused of facilitating a deal with Malaysia’s Maxis Group in exchange for financial benefits.

These scams highlight various forms of corruption, fraud, and financial mismanagement at high levels, involving both government officials and prominent businesspeople. They have left lasting impacts on India’s political and economic landscape.

By Pankaj Bansal

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