Top 10 Biggest Scams In Indian History That Shamed India

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Corruption is the disease that rots society from inside.

One of the main hurdle in the path of growth and prosperity of the nation is corruption. Scam is a dishonest scheme or fraud in which a person is tricked. We see thousands of scams taking place in India. We observe International Anti Corruption Day annually on 9 December to raise public awareness of corruption and what people can do to fight it.

Today we have listed out top 10 biggest corruption scams in Indian history that have caused a certain degree of damage to the country.

Have a look..

1. Commonwealth Games scam

Scams In India
Scams In India

Face of the scam: Suresh Kalmadi

Commonwealth Games in 2010 created a lot of buzz and soaked in controversies and corruption. The chairman of the organizing committee Suresh Kalmadi, along with his two aides were arrested on charges of ‘criminal conspiracy and cheating’ and were jailed for 10 months for financial irregularities. Read more: CWG Scam

2. Satyam fraud

Scams In India
Scams In India

It is the largest corporate scam in the history of India. It involved fraudulent auditing practices allegedly in support with auditors and chartered accountants.The founder of the company confessed to forging the company’s accounts and kept everyone else in dark.

Ramalinga Raju who was the founder of the company along with his brothers were sentenced to 7 years in jail, and were fined for ₹5.5 crore. Read more: Full Information on Satyam Scam 

3. 2G spectrum scam

Scams In India
Source – Business line

This was one of the largest scam that tarnished the image of the UPA-2 government. It involved many politicians and officials undercharging telephone companies for frequency allocation licenses which was then used to create 2G spectrum subscription.

CAG found a gap of ₹1,76, 645 crores between the money collected and the money which was directed to be collected. CAG audit revealed that the licenses were also issued to the ineligible corporations.

 4. Indian coal allocation / Coalgate Scam

Scams In India
Scams In India

The coal scam brought shame to our country as the black money involved in this scam swallowed all the other previous scams. It is referred to as ‘Coalgate’ in the press media.

The scam came into the light when CAG of India found that the government exchequer had to bear a loss of whopping 1,86,000 crore rupees because the Government of India illegally and irregularly allocated our nation’s coal deposits to private and state-run entities.

Our then government, instead of auctioning the coal blocks in the public , allocated them at lower price. Read more: Coal scam- Chronology of events

5. Bihar fodder scam/ Chaara Ghotala

Scams In India
Scams In India

This scam is also the ‘mother of all scams’ as the scam was worth Rs 900 crore. It even led to Lalu Yadav resigning from his position for corruption.

The scam came to light in the year 1996 when it was found that some influential politicians were forging documents of the animal husbandry department of Bihar. It caused a lot of damage to the legal and economic situation of the country. The culprits would supply fewer goods but would inflate the figures in official documents.

Read more: The fodder scam: a recap

6. Hawala Scam

Scams In India
Source- Internet

Hawala Scandal is much talked about incident of corruption in India. Hawala means an informal value transfer system.

It came to mass notice in 1996 and the scam included politicians who allegedly received money, hefty bribes from four hawala brokers namely, Jain Brothers. The main accused was Surinder Kumar Jain. According to reports, opposition leader L.K Advani was involved in this scam. Source

Other big scams are Bofors scandal, Harshad Mehta scam, 2008 cash-for-votes scandal, Saradha Group chit-fund scam etc.

Watch Video: Top 10 Scams In India

The list is never-ending as corruption is the disease that rots society from inside and leaves it hollow and useless.

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