Most Popular Financial Scams in India
India is a democratic country and after independence we are working to make our place great for living. But it is also true that we have seen some biggest financial scams which shattered the faith of people.
On one side there are people who are working for the betterment of our country and on other hand there are some who are ruining the image of this country as well as, due to them, the country is suffering from huge financial problems.
To make it clearer, here I am going to share some of the most popular financial scams in India of all time. Check out the list below.
Vijay Mallya Scam
The Indian IT city Bangalore based businessman Vijay Mallya got involved in a scam of huge INR 9000 Crores. He is the owner of renowned private airline company Kingfisher and when the company was declining he took loan over INR 9000 Crores from different banks to run his airline smoothly.
But all went in vain and the airline got defunct and he flew away to England without paying anything to these banks. The Indian government declared Vijay Mallya as accused of fraud and money laundering but the case is still under progress and we hope soon we will get some result.
When you are one of the biggest IT companies of the country then expectations with you are really high and if you are involved in a fraud or scam then it shetter the confidence of the people. This happened in the past when a big company like Satyam got on the floors within a few days.
This scam was huge which not only crashed the stock market of the country as well as it affected thousands of people directly because the employees of this company got unemployed at once. In this scam, company’s Chairman B Rama Raju, Chief Financial Officer Vadlamani Srinivas and PWC Auditors T Srinivas & Subramani Gopalakrishnan were directly involved.
This scam came into limelight in 2009 when the Chairman of the company stated to the media that their accounts were tempered and exposed the fraud in their accounts and balance sheets. Later on, Satyam was taken over by another big company, Mahindra.
Nirav Modi PNB Scam
This scam came into limelight when a government added bank Punjab National Bank contacted the CBI and alleged that the company owned by two renowned diamond merchants of the country named Nirav Modi and Mehul Choksi was not repaying the loan of around INR 11000 Crore.
This financial scam was huge and shocked the entire country knowing that a company can fraud on such a big bank. When investigated by the CBI, it came out that two senior officials of the bank were also involved in this scam. But, till now we can only wait for the final decision on this case to let justice prevail.
Commonwealth Games Scam
Well, sports is said to be the backbone of any country and if a country is going to organize such a huge event like commonwealth games then they can make huge profits because players from all over the world come to participate. In the similar manner, India got the opportunity to organize commonwealth games in the year 2010 in Delhi.
This event was a huge success but the country got shocked when the news came out that Indian players were forced to live in unpleasant conditions rather than allotted accommodation. Also, after investigation it was found that the chairman of the event Suresh Kalmadi has done the fraud of around INR 70000 Crores during the organization process. He was accused of malpractice and corruption.
Coalgate scam is also known as the coal allocation scam which was brought in limelight in the media by the Comptroller and Auditor General (CAG) in the year 2012 when the UPA government was in power.
This scam shocked each and every citizen of the country because there were many government officials who were directly involved in this scam and accused of allocating 194 coal blocks illegally during the period 2004 to 2009. As per CAG, this scam involved around INR 1.86 Lakh Crore in total.
These scams are denting the Indian economy till date. Other than these, there are many scams like 2G Spectrum, BOFORS, Hawala that shock the people.