What are The Biggest Scams? | India’s Top 10 Biggest Scams

In today’s article, we will know what are the biggest scams in India. It is said that money makes good people dance to its tune. Everyone knows how powerful money is. That’s why people work day and night to earn it.

What are The Biggest Scams?

But when hard work does not succeed, people often fall prey to wrongdoings like cheating out of greed. Through which they earn lakhs and crores of rupees, but also get punished if caught. So today we will tell you about some incidents where people have earned a lot of money by flouting the law and when the matter comes to light, it also brightens their reputation. So let’s find out.

Bofors Scandal

Bofors scandal was a scandal that turned the country upside down.

In this scandal, a contract worth Rs 1437 crore was signed between the Indian government and Swedish arms manufacturer AB Bofors, which was to supply 400 155 mm howitzers to the Indian Army. But the public was outraged when it was claimed on Swedish radio that the company had entered into a contract with senior Indian politicians and defence department officials.

And the entry price was around Rs 60 crore. Although the government also dismissed this matter, realizing the importance of the case, it was also handed over to the CBI. The CBI then filed a case of criminal conspiracy, cheating and criminal conspiracy.

Satyam Scam

The Satyam Scam was India’s biggest corporate scam, also known as the Andron Scam of India. The scam revolved around B. Ramalinga Raju and his Satyam Computer Services Ltd.

At that time, Satyam was the fourth largest IT software exporter in the industry after TCS, Wipro and Infosys. Before deciding to invest in the company, the promoters there had teased the company’s fundamentals, aiming to meet analysts’ expectations and make it more attractive for investment. Many bank statements were fabricated to inflate Mr. Raju’s balance sheet with cash, which was not even present.

The Satyam scandal finally came to light in early 2009 when the country was already in crisis. The company admitted that it had misrepresented itself to its board, stock exchanges, investors and other stakeholders. Raju was then arrested.

Vijay Mallya Scandal

Now, people from people working in tea shops in India to people sitting in brothels will know about the Vijay Mallya scandal. Vijay Mallya is a man whose right brother once used to organize beauty pageants but today it is known as the Bhagoda of India.

Vijay Mallya’s fraud story began in 2007, when his company Kingfisher Airlines decided to buy low-cost carrier Air Deccan, which was then drowning in debt, but soon after the purchase, the airline started making losses due to the increase in oil prices. To run his business, Mallya started taking good loans from many banks in the country and after a few years, the debt became almost 50% of its total value, due to which Mallya’s company could not run and Mallya owed more than a dozen Indian banks Rs 9,000 crore. No.

PNB scams

After Vijay Mallya, one name came up in the fraud case and that was Nirav Modi who committed a scam of Rs 10,000 crore. In this case, apart from Nirav Modi, his uncle Mehul Choksi and two senior officials of PNB were also involved. This is one of the most controversial scams that has taken place through the Brady House brand of Punjab National Bank.

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To settle this case, some bankers used fake undertaking letters worth over Rs 10,000 crore which were opened in favour of Indian banks’ branches for importing pearls for a period of one year and these LOUs held the bank responsible for any mistakes. Later in 2018, PNB indicted Nirav Modi and the entities he was associated with in the CBI. No.

ABG Shipyard Scam

When it comes to fraud, you must have heard the names of Nirav Modi and Vijay Mallya. But the ABG Shipyard Scam also served to protect them from fraud. It is considered to be the biggest scam in the country’s banking history till date.

In this case, some names have come to the fore, including ABG Shipyard Directors Rishi Agarwal, Santana Muthuswamy and Ashwini Kumar who cheated around 28 banks to the tune of Rs 22,842 crore. They were running this business for 5 years but then while checking, the banks found out that the company was using the money taken from the bank for some other purpose. Then an investigation was started in this matter, which lasted for one and a half years and the CBI registered a case against the cheaters.

Saradha Chit Fund Scam

The Saradha scam or Saradha chit fund scam was considered a big case in 2013. In this case too, people were attracted by the principle of doubling money.

This small company, which came into existence in the early 2000s, promised high returns to people instead of investing less money and organized various big events to promote their company to celebrities. They collected around Rs 2,500 crore in a very short time. At this time, these people had about 1.7 million investors.

But the company’s countdown began in 2013 when the company’s inflows were found to be less than its outflows. The investors then helped the police, filed a complaint and the case was handed over to the CBI.

At that time, Satyam was the fourth largest IT software exporter in the industry after TCS, Wipro and Infosys. Before deciding to invest in the company, the promoters there had teased the company’s fundamentals, aiming to meet analysts’ expectations and make it more attractive for investment. Many bank statements were fabricated to inflate Mr. Raju’s balance sheet with cash, which was not even present.

The Satyam scandal finally came to light in early 2009 when the country was already in crisis. The company admitted that it had misrepresented itself to its board, stock exchanges, investors and other stakeholders. Raju was then arrested.

Commonwealth Games Scams

The Commonwealth Games held in Delhi in 2010 is known as a scam more than a game, it is one of the biggest scams of today because the amount of this scam shocked everyone.

Now it is not less than Rs 70,000 crores. The story of this scam came out when the event was over and people filed complaints about the event where things like dirty quarters, leaky walls, incomplete construction, dengue fever came out.

Then what, when the matter was investigated, it was found that the members of the Commonwealth Games Committee, politicians, all together made money and instead of giving the contractor to a good company, they gave the contractor to local companies. Then action was taken against the scammers and all the culprits were punished. No.

Spectrum Scam

The 2G spectrum scam came to light in 2010 when the Comptroller and Auditor General of India raised questions about the spectrum allocation in a report in 2008. He clearly laid out all its major issues before everyone. According to him, the companies involved in the 2G spectrum scam were given licenses on a first-come, first-served basis instead of an auction, which directly caused a loss of about Rs 1,76,000 crore to the government exchequer, which was a huge amount in itself.

The scam raised questions on the government of the time, which was investigated in the Supreme Court and many people were named in the case.

Indian Coal Allocation Scam

The Indian Coal Allocation Scam is one of the longest running cases of the CBI, in which a scam of Rs 1,85,591 crore was clearly exposed.

The mastermind of this case was Dilip Roy, who was the Minister of State for Coal in 1999. To say that there were many big names in this case but only a few names came to the fore. In this scam, the government allotted coal blocks to private companies that were not a significant part of Coal India Limited.

And the production plan of Singarani Coal Reefs Limited. But the reason for the loss was also that these companies were only allotted coal blocks and not auctioned, due to which the loss shocked everyone.

In total, in this case, coal blocks were allotted to companies that were not even eligible for the work. The loss in this case was reported by the Comptroller and Auditor General of India in their own reports. No.

Hawla Scam

The Hawla Scam was such a scandal that it created a stir in Indian politics. Wherever you look, there was only discussion about it. Especially in this scam, the names of some big people came out.

After this, this scam was further raised. In the decade of the Hawla scam of 1990, it came to the attention of people. This scam revolved around the Hawla brothers, who were also known as the Jain Brothers.

The Jain Brothers and some big politicians together did many illegal things like black money, money laundering which came to light after the arrest of a terrorist. The investigation showed that this terrorist and his organization were being financed by these Hawla Brothers. Let me tell you that the scam was worth 18 million dollars.

So have you seen how heavy this money scam can be for you? Now whether you do it on a small level or do it on a big level, you will definitely be punished if the matter comes out. So that’s all for today. See you in the next video.

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