Eight Notable scandals in India since 2000

scam

The most famous scammers were mostly unable to enjoy their fortunes.Keep your eyes open for scams.The following is a list of alleged scams and scandals in India since 2000 include political, financial, corporate and others.

[1] Punjab National Bank Scam(2011-2018) –  ₹116 billion (₹11,600 crores)

PLACE: Brady House, Mumbai
SCAMMERS: Nirav Modi, Ami Modi, Neeshal Modi, Mehul C Choksi

Punjab National Bank Fraud Case relates to alleged fraudulent Letter of Undertaking worth ₹11,600 crore (USD1.77 billion dollars)that took place at its branch in Brady House, Mumbai, making Punjab National Bank potentially liable for the amount.The fraudulent transactions are allegedly linked to the designer and jeweler Nirav Modi of [[firestar diamonds], against whom a complaint has been filed with the Central Bureau of Investigation.The transactions were first noticed by a new employee in the bank.

The bank said that two of its employees at the branch was involved in the scam, when the bank’s core banking system was bypassed to raise to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT.Three Jewellers – Gitanjali Gems Ltd and its subsidiaries Gili and Nakshatra are also under the scanner of investigation agencies.

[2] Saradha Group financial scandal (2,500) –  ₹2500 crores

PLACE: West Bengal
SCAMMERS: Kunal Ghosh, Sudipto Sen, Madan Mitra, Mukul Roy and many more

 

Financial scam caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that were believed to be running collective investment schemes popularly but incorrectly referred to as chit funds.As a result of this scam (Odisha and W.B), Rajya Sabha MP Kunal Ghosh (All India Trinamool Congress) is in jail since Nov 2013 for interrogations. Odisha MP Ramchandra Hansda (Biju Janata Dal) MLA Pravat Tripathy (Biju Janata Dal) and former Odisha MLAs Subarna Naik (Biju Janata Dal)and Hitesh Kumar Bagarti (Bharatiya Janata Party) have also been arrested for ponzi scam. Rajya Sabha MP from West Bengal Srinjay Bose (All India Trinamool Congress) has also been arrested.West Bengal transport minister and All India Trinamool Congress MLA Madan Mitra were also arrested.

[3] Abhishek Verma arms deals scandal (2012) –  ₹80000 crores

PLACE: Defence Sector
SCAMMERS: Abhishek Verma, Anca Verma

Defense scandal caused by an American attorney who turned whistleblower after hacking into emails and documents retained on the US-based servers of arms dealer Abhishek Verma who is globally known as ‘Lord of War and his wife former Miss Universe Romania Anca Verma’s global weapons companies SIG SAUER and GANTON. Leaked documents were sent to Indian politicians Arvind Kejriwal & Prashant Bhushan who released these to the press, as a result, CBI and Enforcement Directorate arrested Abhishek and his wife Anca in multiple cases of defense sector purchases related corruption & money laundering aggregating to US$12 billion (₹80,000 crores). Presently, Abhishek and his wife Anca are incarcerated in Tihar Jail Delhi awaiting trial.

[4] Common Wealth Games Scam (2010) –  ₹70000 crores

PLACE: Brady House, Mumbai
SCAMMERS: Suresh Kalamadi, Sheila Dikshit – the then Chief Minister of the State.

It is estimated that out of ₹70000 crores spent on the Games, only half of 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, willful delays in execution of contracts, over-inflated price and bungling in purchase of equipment through tendering – and misappropriation of funds.

[5] Indian coal allocation scam (2012) –  ₹185,591 crores

PLACE: National
SCAMMERS: Coal ministry under United Progressive Alliance government. Sriprakash Jaiswal, Manmohan Singh

coal blocks allotted, not auctioned, leading to estimated losses as per the Comptroller and Auditor General of India.Supreme Court cancels all 214 coal blocks allocations since 1993. Government to e-auction the coal blocks now.

[6] Uttar Pradesh NRHM scam (2012) – ₹10000 crores

PLACE: Uttar Pradesh
SCAMMERS: Babu Singh Kushwaha

 

Babu Singh Kushwaha and IAS Pradeep Shukla behind bars for their involvement in NHRM scam

[7] 2G Spectrum Case(2008) –  ₹176 billion (₹176,000 crores)

PLACE: National
SCAMMERS: Nira Radia, A. Raja, M. K. Kanimozhi, many telecommunications companies

There was No 2G scam according to latest judgment by CBI court. CBI court acquitted all the convicted . A. Raja and M. K. Kanimozhi has been in Tihar Jail for 15 months and 5 months respectively.They have been charge framed

[8] Navy War Room Leak scandal(2011-2018) –  ₹18 billion (₹18,000 crores)

PLACE: Defense Sector
SCAMMERS: Abhishek Verma, Ravi Shankaranassisted by other defense personnel

Arms Dealers Abhishek Verma and Ravi Shankaran compromised senior defense officials working in the Navy War Room located inside Prime Minister’s Secretariat in India & obtained sensitive data pertaining to military purchases & ongoing defense acquisitions for securing lucrative multibillion-dollar contracts relating to Scorpene Submarines deal of the Indian Navy worth US$6 billion. Ravi Shakaran fled to the United Kingdom in 2006. Red corner Interpol notice was issued for him. Even after 8 years of arduous legal battle in UK Courts, Indian Govt failed in his extradition. Abhishek Verma was granted bail in this case in 2008 by Delhi High Court.

Source: Wikipedia

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Prashant Pandya View All →

I am a full-stack engineer whose passion lies in building great products while enabling others to perform their roles more effectively. I have architect and built horizontally scalable back-ends; distributed RESTful API services; and web-based front-ends with modern, highly interactive Ajax UIs.

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