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

[Chan Mahanta]

That was very enlightening Sushanta. Thanks for sharing.

I am surprised the big Assam scams are not included here. Is it because they are small potatoes,
comparatively speaking?  Or did I miss them?

c-da










On Jan 6, 2011, at 10:30 AM, Sushanta Kar wrote:

>  *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.***
> 
> 
> 
> 
> 
> 
> 
> Do not Remove:
> [HID]20101230091554772[-HID]
> 
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> 
> 
> 
> -- 
> Sushanta Kar
> সুশান্ত কর
> তিনসুকিয়া, আসাম
> 
> আমার ব্লগগুলি:
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> http://ishankonerkahini.blogspot.com
> http://ishankonerkotha.blogspot.com
> আমার সম্পাদিত 'প্রজ্ঞান'
> http://pragyan06now.blogspot.com
> http://sites.google.com/site/pragyan06now
> 
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