Corruption cases of the highest magnitude in India are being unearthed now; meaning that this is the season of scams. Thus, we have decided to go deep in the scams and get the most damaging and biggest scams in the Indian country.
In our day-to-day lives, we have been a victim of corruption, a bigger fraction of us, if not all. These forms of corruption would range from a taxi driver manipulating the meters so as to jack-up its reading, or you giving government officer bribery for prompt transfer of your file to a certain department, or evening you giving a traffic police a bribe simply because you have broken signal.
The Commonwealth Games Scams
This was literally loot. Even before the long awaited sporting bonanza seeing the day of light, the grand event had met uncountable allegations of corruption. Estimated Rs. 70,000 core had spent out on the games, but only half of them admitted of spending on the Indian sports persons.
The CVG-central vigilance commission found discrepancies in the tendering, some being payments of non-existing parties, over-financed (inflated) prices, delays of contracts execution and bungling of equipments purchases through the tendering process, which had made the massive misappropriation of funds.
The 2G Spectrum Scam
Though you may have heard of scams in India; not bigger than the one involving the allocation of unified access to licenses services. The former Telecom minister, A, Raja was behind the Rs. 1.76 Lakhs scam. This was according to the CAG, in that he had evaded norms in every level when carrying out his dubious awards of the 2G in 2008.
The Telgi Scam
Every scam has its own unique ways, they say, of taking out money in unscrupulous manners, and the Telgi scam made all the suspense and drama which scandal needed to thrive and get busted.
Having mastered the art of forgery in duplication and printing of stamp papers, Abdul Karim Telgi had an easy time selling them to the banks as well as other institutions. This tentacle of fake stamps had penetrated to 12 states and within the shortest duration, scooped Rs. 2000 crore. Of course, Tergi had a massive support from government departments who were responsible for the production and the selling of high security stamps.
Also known as the hallmark of the Indian corruption, Bofors scandal was a major scandal of 1980, when PM Rajiv Gandhi and others, among them the powerful NRI family, known as the Hindujas, were accused of getting kickbacks from the Bofors AB for the winning of bid to supply India’s’ 155mm howitzer. The startling report had been reported of the undercover by the Swedish State radio.
The Satyam Scam
This is something that will at all times shatter the peace and the tranquility of most Indian investors, and the shareholders community. The Satyam is the biggest fraud with a tune of Rs 14000 crore. The former chairman of Satyam, Ramalinga Raju had managed to keep everyone in the dark, regarding the fudging of the accounts books for a couple of years, and hence inflating the profits and revenues figures of the company. However, things have been managed after Tech Mahindra took over.
Would you like to add any other to Scam to the list? Share your views.