From FODDER To HARSHAD MEHTA's Scam: Inside Top 7 Frauds Of India

Biggest scams

For many years now, we all have witnessed huge political and financial scams or frauds in our country involving money which amounts to multi-million dollars. And these are just the ones which have exposed. Here, are top 10 biggest scams which have plagued our country in the recent past.

2G Spectrum Scam

It is considered as THE mother of all scams. The SC recently said that the spectrum scam has put all other scams to shame. It was a political controversy in which politicians and private officials of the United Progressive Alliance coalition government India were allegedly involved in selling 122 2G spectrum licences to specific telecom operators.

TELGI SCAM

Abdul Karim Telgi, the name is still etched boldly in the memory of the whole of India. The con artist, who shook the entire nation with his mastered art of forgery in printing duplicate stamp papers. The scam spanned across 12 states and estimated to the amount of 20,000 crore plus.

Bofors scam

The Bofors scandal is known as the hallmark of Indian corruption. In the 1990s, the then PM Rajiv Gandhi and several others including a powerful NRI family named the Hindujas, were accused of receiving kickbacks a bid to supply Indias 155 mm field howitzer.

Harshad Mehta Scam

Popularly known as the Big Bull, Harshad Mehta took advantages of the loopholes in the banking system and triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments. The scam estimated to the amount of Rs 5,000 crores and he was later charged with 72 criminal offences.

Fodder Scam

More commonly known as the Chara Ghotala, this scam was worth a whopping Rs 950 crore and involved the imfamous and forever popular Bihar politician Lalu Prasad Yadav.

Hawala Scandal

This scam came out in 1996 and it involved payments to the tune of $18 million received by Countrys leading politicians through hawala brokers. The list of accused included the then leader of the opposition Lal Krishna Advani.

Satyam Scam

This scam is the biggest fraud in the Indian corporate industry till date, amounting to 14,000 crore. Ramalinga Raju is accused of fudging the books of accounts for several years and inflating revenues and profit figures of Satyam.