Over the years, India has witnessed an alarming rise in political and financial scams, amounting to millions of dollars. These scandals have deeply impacted the nation’s reputation and raised concerns about the misuse of funds meant for development and progress.
While some scams have come to light, there are likely many others that remain concealed. These undiscovered frauds continue to erode the trust of the public and raise questions about the efficacy of regulatory bodies in curbing corruption.
n recent events, high-profile personalities, like Sanjay Raut, have faced raids and detentions in connection with land scams. Such cases have significant ramifications on society, as they involve influential figures and large sums of money.
1. 2G Spectrum Scam:
The 2G spectrum scam is infamous for causing the national exchequer to lose a staggering amount of approximately 176,000 crores. The scandal revolved around allegations of improper allocation and assignment of wireless radio spectrum and licenses to private operators, some of whom were ineligible. The process of spectrum allocation took place at low prices, leading to substantial financial losses for the government. The involvement of former telecom minister A Raja resulted in his resignation as well as indictments by the Comptroller and Auditor General (CAG).
2. Commonwealth Games Scam:
The 2010 Commonwealth Games hosted by India were marred by accusations of corruption even before the event commenced. The scam is estimated to have cost close to 35,000 crores. The malpractices included fictitious payments, intentional delays in contract completion, overcharging for equipment obtained through tenders, and financial embezzlement. Suresh Kalmadi, the former head of the Commonwealth Games Organizing Committee, faced charges and was subsequently sent to jail by the Central Bureau of Investigation (CBI).
3. Scam at Telgi:
Abdul Karim Telgi, a master forger, orchestrated a massive scam involving fake stamp papers, spanning across 12 states and valued at over 20,000 crores. The Telgi scam exposed the involvement of government departments, implicating both politicians and bureaucrats in corrupt practices.
4. Satyam Scam:
The Satyam scam, the largest corporate fraud in the Indian business world, amounted to 14,000 crores. The disgraced former chairman of Satyam, Ramalinga Raju, was accused of manipulating the company’s financial records to inflate its sales and profits. The revelation of the fraud led to a significant drop in the company’s market capitalization and severely damaged investor confidence.
5. IPL Scam:
The Indian Premier League (IPL) scam generated much controversy with allegations of unethical and illegal practices. There were rumors of matches and franchise bids being fixed, tax evasion, illegal betting, and the misuse of foreign investment rules. Lalit Modi, the founder and chairman of IPL, faced scrutiny and was at the center of the IPL’s growth and controversies.
6. Bofors Scam:
The Bofors scandal involved allegations of kickbacks in a bid to supply India’s 155 mm field howitzer. Former Prime Minister Rajiv Gandhi and others, including the Hinduja family, were accused of receiving kickbacks from Bofors AB. The scandal came to light after Swedish State Radio exposed the undercover operation conducted by Bofors. Congress party members were alleged to have received substantial amounts in bribes.
7. Harshad Mehta Scam:
Harshad Mehta, known as the “Big Bull,” exploited flaws in the banking system to manipulate the stock market in 1992. He managed to secure large sums of money from banks and used it to trade shares at inflated prices, leading to a surge in the Bombay Stock Exchange. Ultimately, he faced charges related to 72 crimes.
8. Cobbler Scam:
The multi-crore shoe scam involved individuals working for prominent shoe companies such as Dawood Shoes, Metro Shoes, and Milano Shoes. These individuals were arrested for borrowing substantial sums of money on behalf of fake leather co-operative societies and using the funds for personal gains through various schemes.
9. Fodder Scam:
Commonly referred to as “Chara Ghotala,” the Fodder scam implicated Bihar politician Lalu Prasad Yadav and involved a staggering sum of 900 crores. The fraud entailed fabricating non-existent livestock for which expenses on food, medicine, and animal care equipment were allegedly made.
10. Hawala Scandal:
In 1996, a major bribery scandal came to light involving payments of $18 million through hawala brokers to top politicians in the country. Even the leader of the opposition at that time, Lal Krishna Advani, was charged. The scandal shook the nation as it revealed connections between politicians and payments sent to Hizbul Mujahideen militants in Kashmir.
