Oct 11, 2023
The 2G spectrum scandal, dubbed the mother of all scams, led to the resignation of former telecom minister A Raja and incurred a colossal loss of around ₹176,000 crores to the national exchequer due to alleged irregularities in spectrum allocation and licensing.
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India's 2010 Commonwealth Games were tainted by a ₹35,000 crore corruption scandal, involving fake payments, contract delays, inflated prices, and fund misuse. Suresh Kalmadi, former committee chairman, was imprisoned by the CBI in April 2011.
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Abdul Karim Telgi, infamous for forging duplicate stamp papers, orchestrated a ₹20,000+ crore scam across 12 states. This exposed widespread corruption among politicians and bureaucrats, involving numerous government departments.
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The Satyam scam, India's largest corporate fraud at ₹14,000 crore, involved chairman Ramalinga Raju inflating profits. His confession led to a 78% stock drop, causing a ₹10,000 crore market cap loss for India's fourth-largest IT company.
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The IPL scam involves alleged unethical and illegal activities. Accusations range from money laundering to match-fixing, tax evasion, and foreign investment rule breaches. Lalit Modi, IPL's creator and former BCCI VP, is at the center of this controversy.
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The Bofors scandal, a symbol of Indian corruption, implicated PM Rajiv Gandhi and others in receiving kickbacks for a howitzer deal. Sweden's Bofors allegedly paid $16M to Congress members as per a Swedish State Radio report in the 1980s.
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Harshad Mehta, the Big Bull, exploited banking loopholes in 1992, driving up the Bombay Stock Exchange with premium share trading. He diverted ₹5,000 crore from banks to stockbrokers between April 1991 to May 1992, facing 72 criminal charges.
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The "Chara Ghotala" or Fodder Scam, valued at ₹900 crore, implicated Bihar's prominent politician Lalu Prasad Yadav. It centered on the creation of fictitious livestock herds, with fraudulent expenses claimed for fodder, medicine, and animal husbandry gear.
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The 1996 Hawala Scandal, with an $18 million payout, implicated top politicians, including Lal Krishna Advani. Shockingly, major political figures were accused of taking bribes, and there were alleged links to Hizbul Mujahideen militants in Kashmir.
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