[Assam] The World`s Largest Republic Of Scams (India)- IF THIS IS NOT MIND BOGGLING, THEN WHAT IS?

[Sushanta Kar]

  *The World`s Largest Republic Of Scams** (India)*

*Total Scam Money (approx) Since 1992: **Rs. 73000000000000 Cr.** (73 Lakh
Crore)*

**

*Hard to digest ? *

*Just check details below***

**

�          *1992 -**Harshad Mehta securities scam Rs 5,000 cr*

�          *1994 -**Sugar import scam Rs 650 cr*

�          *1995 -**Preferential allotment scam Rs 5,000 cr*

*-Yugoslav Dinar scam Rs 400 cr*

*-Meghalaya Forest scam Rs 300 cr*

�          *1996: -**Fertiliser import scam Rs 1,300 cr*

*-Urea scam Rs 133 cr*

*-Bihar fodder scam Rs 950 cr*

�          *1997 -**Sukh Ram telecom scam Rs 1,500 cr*

*-SNC Lavalin power project scam Rs 374 cr*

*-Bihar land scandal Rs 400 cr*

*-C.R. Bhansali stock scam Rs 1,200 cr*

�          *1998 -**Teak plantation swindle Rs 8,000 cr*

�          *2001 -**UTI scam Rs 4,800 cr*

*-Dinesh Dalmia stock scam Rs 595 cr*

*-Ketan Parekh securities scam Rs 1,250 cr*

�          *2002 -**Sanjay Agarwal Home Trade scam Rs 600 cr*

�          *2003 -**Telgi stamp paper scam Rs 172 cr*

�          *2005 -**IPO-Demat scam Rs 146 cr*

*-Bihar flood relief scam Rs 17 cr*

*-Scorpene submarine scam Rs 18,978 cr*

�          *2006 -**Punjab`s City Centre project scam Rs 1,500 cr,*

*-Taj Corridor scam Rs 175 cr*

�          *2008 -**Pune billionaire Hassan Ali Khan tax default Rs 50,000
cr*

*-The Satyam scam Rs 10,000 cr*

*-Army ration pilferage scam Rs 5,000 cr*

*-The 2-G spectrum swindle Rs 60,000 cr*

*-State Bank of Saurashtra scam Rs 95 cr*

*-Illegal monies in Swiss banks, as estimated in 2008 Rs 71,00,000 cr*

�          *2009: -**The Jharkhand medical equipment scam Rs 130 cr*

�          *Rice export scam Rs 2,500 cr*

�          *Orissa mine scam Rs 7,000 cr*

�          *Madhu Koda mining scam Rs 4,000 cr"*

�          *SC refuses to quash PIL against Mayawati in Taj corridor scam*

�          *Orissa mine scam could be worth more than Rs 14k cr *

�          *CORRUPTION, MONEY LAUNDERING SCAM, Koda discharged from
hospital, arrest imminent*

�          *`A Cover-Up Operation`: "It`s a scam involving close to Rs
60,000 crores" Spectrum scam: How govt lost Rs 60,000 crore*

�          *India`s biggest scams 1, Ramalinga Raju, Rs. 50.4 billion*

�          *India`s biggest scams 2, Harshad Mehta, Rs. 40 billion*

�          *India`s biggest scams 3, Ketan Parekh, Rs. 10 billion*

�          *India`s biggest scams 4, C R Bhansali, Rs. 12 billion*

�          *India`s biggest scams 5, Cobbler scam*

�          *India`s biggest scams 6, IPO Scam*

�          *India`s biggest scams 7, Dinesh Dalmia, Rs. 5.95 billion*

�          *India`s biggest scams 8, Abdul Karim Telgi, Rs. 1.71 billion*

�          *India`s biggest scams 9, Virendra Rastogi, Rs. 430 million*

�          *India`s biggest scams 10, The UTI Scam, Rs. 320 million*

�          *India`s biggest scams 11, Uday Goyal, Rs. 2.1 billion*

�          *India`s biggest scams 12, Sanjay Agarwal, Rs. 6 billion*

�          *India`s biggest scams 13, Dinesh Singhania, Rs. 1.2 billion*

**

*1.     **Jeep Purchase (1948) :**- Free India`s corruption graph begins. V.
K. Krishna Menon, then the Indian high commissioner to Britain, bypassed
protocol to sign a deal worth Rs 80 lakh with a foreign firm for the
purchase of army jeeps. The case was closed in 1955 and soon after Menon
joined the Nehru cabinet.*

*2.     **Cycle Imports (1951) :-** S.A. Venkataraman, then the secretary,
ministry of commerce and industry, was jailed for accepting a bribe in lieu
of granting a cycle import quota to a company.*

*3.     **BHU Funds (1956) :-** In one of the first instances of corruption
in educational institutions, Benaras Hindu University officials were accused
of misappropriation of funds worth Rs 50 lakh.*

*4.     **MUNDHRA SCANDAL (1957):-** It was the media that first hinted
there might be a scam involving the sale of shares to LIC, Feroz Gandhi
sources the confidential correspondence between the then Finance Minister
T.T. Krishnamachari and his principal finance secretary, and raised a
question in Parliament on the sale of `fraudulent` shares to LIC by a
Calcutta-based Marwari businessman named Haridas Mundhra. The then Prime
Minister, Jawaharlal Nehru, set up a one-man commission headed by Justice
M.C.Chagla to investigate the matter when it becomes evident that there was
a prima facie case. Chagla concluded that Mundhra had sold fictitious shares
to LIC, thereby defrauding the insurance behemoth to the tune of Rs. 1.25
crore. Mundhra was sentenced to 22 years in prison. The scam also forced the
resignation of T.T.Krishnamachari.*

*5.     **Teja Loans (1960):-** Shipping magnate Jayant Dharma Teja took
loans worth Rs 22 crore to establish the Jayanti Shipping Company. In 1960,
the authorities discovered that he was actually siphoning off money to his
own account, after which Teja fled the country.*

*6.     **Kairon Scam (1963):- **Pratap Singh Kairon became the first Indian
chief minister to be accused of abusing his power for his own benefit and
that of his sons and relatives. He quit a year later.*

*7.     **Patnaik`s Own Goal (1965) :-** Orissa Chief Minister Biju Patnaik
was forced to resign after it was discovered that he had favoured his
privately-held company Kalinga Tubes in awarding a government contract.*

*8.     **Maruti Scandal (1974) :-** Well before the company was set up,
former Prime Minister Indira Gandhi`s name came up in the first Maruti
scandal, where her son Sanjay Gandhi was favoured with a license to make
passenger cars.*

*9.     **Solanki Expos� (1992) :- **At the World Economic Forum, Madhavsinh
Solanki, then the external affairs minister, slipped a letter to his Swiss
counterpart asking their government to stop the probe into the Bofors
kickbacks. Solanki resigned when India Today broke the story.*

*10.  **Kuo Oil Deal (1976):-** The Indian Oil Corporation signed an Rs
2.2-crore oil contract with a non-existent firm in Hong Kong and a kickback
was given. The petroleum and chemicals minister was directed to make the
purchase.*

*11.  **Antulay Trust (1981) :-** With the exposure of this scandal
concerning A.R. Antulay, then the chief minister of Maharashtra, The Indian
Express was reborn. Antulay had garnered Rs 30 crore from businesses
dependent on state resources like cement and kept the money in a private
trust.*

*12.  **HDW Commissions (1987) :-** HDW, the German submarine maker, was
blacklisted after allegations that commissions worth Rs 20 crore had been
paid. In 2005, the case was finally closed, in HDW`s favour.*

*13.  **Bofors Pay-Off (1987) :-** A Swedish firm was accused of paying Rs
64 crore to Indian bigwigs, including Rajiv Gandhi, then the prime minister,
to secure the purchase of the Bofors gun.*

*14.  **St Kitts Forgery (1989) :- **An attempt was made to sully V.P.
Singh`s Mr Clean image by forging documents to allege that he was a
beneficiary of his son Ajeya Singh`s account in the First Trust Corp. at St
Kitts, with a deposit of $21 million.*

*15.  **Airbus Scandal (1990) :-** Indian Airlines`s (IA) signing of the Rs
2,000-crore deal with Airbus instead of Boeing caused a furore following the
crash of an A-320. New planes were grounded, causing IA a weekly loss of Rs
2.5 crore.*

*16.  **Securities Scam (1992) :-** Harshad Mehta manipulated banks to
siphon off money and invested the funds in the stock market, leading to a
crash. The loss: Rs 5,000 crore.*

*17.  **Indian Bank Rip-off (1992) :- **Aided by M. Gopalakrishnan, then the
chairman of the Indian Bank, borrowers-mostly small corporates and exporters
from the south-were lent a total of over Rs 1,300 crore, which they never
paid back.*

*18.  **Sugar Import (1994) :- **As food minister, Kalpnath Rai presided
over the import of sugar at a price higher than that of the market, causing
a loss of Rs 650 crore to the exchequer. He resigned following the
allegations.*

*19.  **MS SHOES SCAM (1994) :- **Anyone who war old enough in 1994 to read
will remember the advertisements- tens of them intriguingly headlined: `Who
is Pawan Sachdeva?` For the record, it was the peak of the public issued-led
advertising boom and the ads were created by the Delhi branch of
Rediffusion. Sachdeva, the promoter of MS Shoes, allegedly used company
funds to buy shares (of his own company) and rig prices, prior to a public
issue. He is alleged to have colluded with officials in the Securities
Exchange Board of India (SEBI) and SBI Caps, which lead-managed the issue,
to dupe the public into investing in his Rs. 699-crore public-***-rights
issue. Sachdeva was later acquitted*

*20.  **JMM Bribes (1995) :-** Jharkhand Mukti Morcha leader Shailendra
Mahato testified that he and three party members received bribes of Rs 30
lakh to bail out the P.V. Narasimha Rao government in the 1993 no-confidence
motion.*

*21.  **In a Pickle (1996) :-** Pickle baron Lakhubhai Pathak raised a stink
when he accused former Prime Minister P.V. Narasimha Rao and godman
Chandraswami of accepting a bribe of Rs 10 lakh from him for securing a
paper pulp contract.*

*22.  **Telecom Scam (1996) :-** Former minister of state for communication
Sukh Ram was accused of causing a loss of Rs 1.6 crore to the exchequer by
favouring a Hyderabad- based private firm in the purchase of telecom
equipment. He, along with two others, was convicted in 2002.*

*23.  **Fodder Scam (1996) :-** The accountant general`s concerns about the
withdrawal of excess funds by Bihar`s animal husbandry department unveiled a
Rs 950-crore scam involving Lalu Prasad Yadav, then the state chief
minister. He resigned a year later.*

*24.  **Urea Deal (1996) :- **C.S. Ramakrishnan, MD, National Fertiliser,
and a group of businessmen close to the P.V. Narasimha Rao regime fleeced
the government and took Rs 133 crore from the import of two lakh tonne of
urea, which was never delivered.*

*25.  **Hawala Diaries (1996) :-** The scandal surfaced following CBI raids
on hawala operators in Delhi in 1991. But it was S.K. Jain`s diaries that
had heads rolling.*

*26.  **CRB SCAM (1997) :-** Another scam forged by greed and discovered
through accident. Chain Roop Bhansali, a smart-talking entrepreneur, created
a pyramid financial empire based on high-cost financing. At its peak, his
Rs. 1,000-crore financial conglomerate had in its ranks a mutual fund, a
financial services company into fixed deposits, and a merchant bank. That
Bhansali knew how to work the system became evident when he also managed to
secure a provisional banking license. Then his luck ran out. An executive in
the State Bank of India Inadvertently discovered that some interest warrants
issued by Bhansali were not backed by cash. The bubble finally burst in May
1997, but by that time investors had lost over Rs. 1,000 crore. This was
among the first retail scams in India and it was played out, in smaller
avatars, across the country-especially in the South where financial services
companies promised returns in excess of 20 per cent and decamped with the
principal. Bhansali was arrested for a few weeks and released later on bail.
*

*27.  **MEHTA`S SECOND COMING (1998) :- **The Big Bull returned to the
bourses. This time, he allegedly colluded with the promoters of BPL,
Videocon International, and Sterile Industries to rig the share prices of
these companies. The inevitable collapse happened sooner than planned,
Harshad Mehta orchestrated a cover-up operation that included a high=jinks
effort by officials of Bombay Stock Exchange to (illegally ) open the
trading system in the middle of the night to set things right, but the
damage had been done. SEBI finally passed its ruling on the scam in 2001,
banning the three companies concerned from tapping the market-BPL, for two
years. Mehta was debarred for life form dealing in Securities Appellate
Tribunal (SAT) in October 2001*

*28.  **VANISHING COMPANIES SCAM (1998) :-** A passing remark heard by then
Finance Minister Palaniappan Chidambaram resulted in a furore over what was
badly-kept secret on Dalal street. Chidambaram was told that hundreds of
companies had disappeared after raising moneys form the public. An informal
scrutiny revealed that perhaps over 600 companies were missing. Chidambaram
ordered a probe by SEBI. The SEBI probe conducted in May 1998 revealed that
while many companies are not traded on the bourses at least 80 companies
that had rises Rs.330.78 crore were simply missing. Later that year, the
Department of Company Affairs (DCA) was asked to probe and penalize these
companies. DCA still investigating. Investigations continue to this day.*

*29.  **PLANTATION COMPANIES SCAM (1999) :-** It was as innovative a swindle
as any effected in the world. Savvy entrepreneurs convinced gullible
investors that given the right irrigation and fertilizer inputs, teak,
strawberries, and anything else that could be grown, would grow anywhere in
the country. The promoters could afford to collect money from investors and
not worry about retribution (or returns, for that matter). For, plantation
companies fell under the purview of neither SEBI nor Reserve Bank of India.
Indeed, they didn`t even come under the scope of the Department decided to
change things in 1999, enough investors had been gulled: 653 companies,
between them, had raised Rs. 2,563 crore from investors. To date, not many
investors have got their principals back, just another affirmation of the
old saying about money not growing on trees.*

*30.  **Match Fixing (2000) :-** Mohammed Azharuddin, till then India`s
cricket captain, was accused of match-fixing. He and Ajay Sharma were banned
from playing, while Ajay Jadeja and Manoj Prabhakar were suspended for five
years.*

*31.  **KETAN PAREKH SCAM (2001) :-** Ketan Parekh`s modus operandi wasn`t
very different from Harshad Mehta`s. If Mehta used banker`s receipts, then
Parekh used pay orders to ramp up the prices of his favourite scrips (the
K-10). Apart from money form the banking system Parekh also rerouted money
from corporated like HFCL (Rs. 425 crore), and Zee (Rs. 340 crore) to good
effect. He was caught when pay-orders issued by Madhavpura Mercantile
Cooperative Bank bounced. Although the total amount involved in the scam was
just Rs. 137 crore, the impact was far greater. Apparently, when a bear
cartel sensed Parekh was in trouble, it stepped in and leveraged a dip in
the NASDAQ to bear down stock prices. The resultant slump in the markets
happened soon after Finance Minister Yashwant Sinha presented what he
considered his best budget ever. Under pressure from the government, SEBI
investigated the scam and heads began to roll. Among them: the entire
management team of BSE, including its president Anand Rathi, CSFB, First
Global, and, in an indirect connection, P.S.Subramanyam, the Chairman of UTL
Evidently, for the 18 months that PSS was Chairman of UTI, the Trust had
mirrored the actions of the bull cartel. The result? When the market tanked,
so did the NAV of its holy cow, the US-64.*

*32.  **Tehelka Sting (2001) :-** Tehelka, an online news portal, used
spycams to catch army officers and politicians accepting bribes, in their
sting operation called Operation Westend. Investigative journalism turned
another corner in the country.*

*33.  **Stockmarket Scam (2001) :-** The mayhem that wiped off over Rs
1,15,000 crore in the markets in March 2001 was masterminded by the
Pentafour bull Ketan Parekh. He was arrested in December 2002 and banned
from acccessing the capital market for 14 years.*

*34.  **Home Trade Scam (2002) :-** Under the pretext of gilt trading, Rs
600 crore was swindled from over 25 cooperative banks in Maharashtra and
Gujarat by a Navi Mumbai-based brokerage firm Home Trade. Sanjay Agarwal,
CEO of the firm, was arrested in May 2002.*

*35.  **Stamp Paper Scam (2003) :- **The sheer magnitude of the racket was
shocking-it caused a loss of Rs 30,000 crore to the exchequer. Disclosures
of the mastermind behind it, Abdul Karim Telgi, implicated top police
officers and bureaucrats.*

*36.  **Oil-for-Food Scandal (2005) :- **K. Natwar Singh was unceremoniously
dropped from the Cabinet when his name surfaced in the Volcker Report on the
Iraq oil-for-food scam. *

*What India Could Do With Rs 73 Lakh Crore? *

�          *Build:** 2.4 crore primary healthcare centres. That?s at least 3
for every village, at a cost of Rs 30 lakh each. *

�          *Build:** 24.1 lakh Kendriya Vidyalayas at a cost of Rs 3.02
crore each, with two sections from Class VI to XII. *

�          *Construct:** 14.6 crore low-cost houses assuming a cost of Rs 5
lakh a unit. *

�          *Set up: 2,703 coal-based power plants of 600 MW each. Each costs
Rs 2,700 crore. *

�          *Supply: **12 lakh CFL bulbs. That?s enough light for each of
India?s 6 lakh villages. *

�          *Construct:** 14.6 lakh km of two-lane highways. That?s a road
around India?s perimeter 97 times over. *

�          *Clean up:** 50 major rivers for the next 121 years, at Rs 1,200
crore a river every year. *

�          *Launch:** 90 NREGA-style schemes, each worth roughly Rs 81,111
crore. *

�          *Announce: 121 more loan waiver schemes. All of them worth Rs
60,000 crore. *

�          *Give: **Rs 56,000 to every Indian. *

�          *Even better, give Rs 1.82 lakh to 40 crore Indians living BPL. *

�          *Hand out:** 60.8 crore Tata Nanos to 60.8 crore people. Or four
times as many laptops. *

�          *Grow the GDP:** The scam money is 27% more than our GDP of Rs 53
lakh crore." *

**

*Greed, graft, politics, bribery, dirty money. Just another day in the life
of a nation still rated among the most corrupt in the world. Scan the scams
that have grabbed headlines, destroyed reputations and left many people
poorer.***







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-- 
Sushanta Kar
সুশান্ত কর
তিনসুকিয়া, আসাম

আমার ব্লগগুলি:
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