India’s Corruption Scams and Controversial deals
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A scam is a dishonest attempt to trap you into parting with your money. You can protect yourself, and your money, from the cheater and help other to be safe.
There
are some more scam which hurt India and Indian people more.India has been
rocked by a series of scams in the period of 66 year of India’s
independence —both small and big which has led to furor in the Parliament. Here
is a list of the 15 big ones we’ve compiled.
1 . Coalgate Scam
The most recent of the scams in India is the coal mining scam where
the government reported a loss of Rs 185,591 crore. The CAG has accused the
Indian government of giving undue benefits to companies by distributing 155
coal acres in an arbitrary manner instead of auctioning to the highest bidder
during 2004-2009.
2. Tatra Vectra Scam
Bharat Earth Movers Ltd in collaboration with Tatra Vectra Motors had
produced over 7000 trucks to the Army. When General VK Singh took over as the
Army Chief, he refused to authorise the purchase of trucks after he was offered
a bribe. The scam was estimated at Rs 750 crore.
3 . Antrix Devas deal
In 2011, G Madhavan Nair former ISRO chairman and three other scientists
were responsible for a controversial deal between the Indian Space Research
Organisation’s (ISRO) commercial arm Antrix Corporation and Devas Multimedia.
The deal involved ISRO leasing the S-band transponders on two satellites (GSAT6
and GSAT6A) to Devas for broadcasting purposes.
A CAG report found that the department of space hid facts from the
cabinet and violated rules and policies in approving the agreement. The
report’s leak fired a controversy that free spectrum was being given. The CAG
audit reported that there was a loss of Rs 200,000 crore.
4. 2G Scam
The illegal undercharging by government officials to various telecom
companies during the allocation of 2G licenses for cell phone subscriptions
gave rise to the 2G spectrum scam. According to the CAG, the scam amounts to
about Rs 176,000 crore, whereas the CBI estimates it at Rs 30,984 crore.
5. CWG Scam
The Commonwealth Games is perhaps one of India’s most well known scam.
Suresh Kalmadi who was the chairman of the Organizing Committee of the
Commonwealth Games was the main accused. It consisted of a number of corrupt
deals involving overstated contracts. Kalmadi also handed out a Rs 141 crore
contract to Swiss Timing for its timing equipment; the deal was inflated by Rs
95 crores. Less than 10 days before the games, athletes were asked to move into
apartments that were shabby and dilapidated.
6. Fodder Scam
This scam broke out in 1996 in the town of Chaibasa
when the animal husbandry department embezzled funds of around Rs 950 crore
meant to purchase cattle fodder, medicines and animal husbandy equipment in Bihar. Resulted, Lalu Prasad Yadav, the chief minister of the state was forced to
resign along with former chief minister, Jagannath Mishra.
7. Ketan Parekh and the stockmarket Scam
A former stock broker from Mumbai, Ketan Parekh was involved in
cicrcular trading with companies like Global Trust Bank and Madhavpura
Mercantile Co-operative Bank. He was sent to jail with two others for taping
off Rs.48 crore from a unit of Canara Bank in a 1992. He has been banned from
trading till 2017.
8. Telgi and stamp paper Scam
Abdul Karim Telgi’s fake paper scam which was discovered in 2003
estimated a loss of Rs. 30, 000 crore for the country. The linchpin began to
counterfeit stamp paper which led to the multi-crore scam. He sold the fake
stamp parers to individuals, banks, insurance companies and share-broking firms
through 300 agents.
9. Harshad Mehta Scam
Harshad Mehta, popularly called the Big Bull among traders, triggered a
trend in the stock market before his scam, worth Rs. 4000 crore, was exposed in
1992. He used the funds from inter-bank transactions to buy shares at a premium
across many sectors.
10. Satyam Scam
11. Adarsh Housing Society Scam
The CBI, IT department and the ED found Sushilkumar Shinde, Late
Vilasrao Deshmukh and Ashok Chavan to be involved in the scam, which led to
Chavan’s resignation.
12. Bofors Scam
13. Bellary
mining scam
This mining scam in Karnataka which led to the resignation of its chief
minister B S Yeddyurappa started with the allegations that Gali Karunakara
Reddy and Gali Janardhana Reddy paid some money to bag contracts for their
mining company—Obulapuram Mining Company in Bellary. They also encroached upon
forest land, underpaid royalties to the state, and mined in a larger area than
permitted.
Then Lokayukta of Karnataka, Justice Santosh Hegde published a report
saying there was corruption and that the chief minister and his family members
were found guilty of accepting bribes in the form of donations to their trusts
from mining companies as well as overpricing land they sold to the companies,
in exchange for issuing mining leases. The state government lost Rs 16,085
crore.
14. Vanishing Companies Scam
Many companies were reported to have disappeared from Dalal Street after raising money from the
public in 1998. Although P Chidambaram ordered a probe by the SEBI, his passing
remarks about the market had already caused a disturbance.
The SEBI probe revealed that many companies were not trading while 80
companies had managed to raise an amount of over Rs 330 crore before they went
missing.
15. Hawala scam
The Hawala scandal involved payments totaling Rs 1000 crore, which were
allegedly received by politicians through four hawala brokers, the Jain
brothers and accusations were leveled against some of the country's leading
politicians like L K Advani, V C Shukla, P Shiv Shankar, Sharad Yadav, Balram
Jakhar, and Madan Lal Khurana. It was alleged that terrorist outfits in Kashmir received funding by this means.
Which of these scams has hurt India most? How should India solve the
corruption menace? Please share your views with us.
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