India got its independence in 1947, more than three decades back. But barely Indians have been able to make use of their independence and rights. One of the major and probably the most important obstacle in the path of growth and prosperity of the nation is CORRUPTION. If you keep your eyes wide open, you get to see thousands of corruption induced scams taking place
Today we will take a look at 10 biggest corruption scams in Indian History. They have been known as the milestone corruption cases of India which caught mass attention but did not have any corrective effects on the society as the series is continuing till date.
1.) The Coal Scam:
The coal scam clearly shows our nation’s shot to shame. It has already been termed as the mother of all scams, as the black money involved here has swallowed all the other previous scams. The report on coal scam by CAG (Comptroller and Auditor General), an authority established by the Govt. of India, who audits all the receipts and expenditures by the central government as well as the state governments) of India, has accused the Government of India for illegally and irregularly providing our nation’s coal deposits to private and state run entities instead of auctioning them in the public. And this has resulted a loss of a whopping 1,86,000 crore rupees to our national treasury in the period 2004 – 2009. There have been estimates released by the media that the actual loss was 10,60,000 crore rupees. And what is more sickening is, in that period of five years, all the major coal dealings in the country went right under the nose of our Prime Minister.
2.) Hawala Scam:
Hawala Scandal is another much talked about incident of politics and corruption in india which came to mass notice in 1996 and it was all about a bribery at the national level worth $18 millions. India’s well-known politicians accepted hefty bribes from the hawala brokers. Opposition leader Lal Krishna Advani was involved in this scam. This scam was an evidence of open political loot taking place in the country.
Also Read Hawala System in Indian Politics….
3.) Stock Market scam by Harshad Mehta:
Harshad Mehta, the former employee of New India Assurance, entered the stock market and soon became one of the most reliable and revered icon of the market. He alone decided the fate of the stock market and even banks trusted him with their ready forward deals. However Harshad managed to produce seamlessly original looking fake bank receipts and many banks lent him huge amounts of money assuming that they were doing this in return of government securities. In short he siphoned lump sum from the banking system and raised a large fund for himself. Though he was convicted and banished from the stock market scenario, he had already caused loss worth more than 4000 corers INR.
4.) Bofors Scam:
Bofors scam is accepted as the hallmark in the list of top 10 corruption in india. It took place in the 1980s and Prime Minister of that time Mr. Rajiv Gandhi and several powerful names were found involved in it. The well-known NRI family Hindujas’ connection was identified in the Bofors scam. They were accused of taking bribe from Bofors, the largest arms manufacturing corporation of Sweden for a contract they won to supply 155 mm field howitzer to India. A shocking report was broadcasted by the Swedish radio to reveal the scam wherein Rajiv Gandhi’s congress accepted $16 million as kickback. This was a sensitive issue as the matter was related with India’s security. However, with the political heads involved in this scam, no proper punishment was given to the offenders.
5.) Fodder Scam:
Fodder Scam, popularly known as the ‘Chara Ghotala’ took place in 1996, in Bihar. In this major corruption in india an uncouth connection was detected in the production of “vast herds of fictitious livestock” for which animal husbandry gears, medicine and fodder worth 900 crore INR was allegedly procured. It was indeed a major waste of nation’s funds and caused severe damage to the legal and economic situation of the country.
6.) Ketan Parekh Scam:
Ketan Parekh also executed similar scam and looted Bank of India of around $30 million. It evidently shows the efficiency of the Indian banking system and marks the failure of the judiciary set up that failed to prevent two similar scams that took place consecutively.
7.) Satyam Scam:
The recent scam that took place in Satyam computer Service which is considered one of the most promising IT companies in India, certainly startled the investors, foreign clients and Indian masses. The 14000 crore worth Satyam fraud is the largest corporate scam in the history of India. The company’s chairperson Ramlinga Raju executed his fraudulent endeavors throughout a decade and kept everyone else in dark. However Indian government’s intervention in this matter saved a number of young workers from unemployment and finally the company was taken over by Tech Mahendra.
8.) Telgi Scam:
Abdul Karim Telgi, the maestro of conning, managed to print fake stamp papers and then he sold them to various financial institutions and banks. It affected various states and the scam was worth more than 20000 crore INR. This scam became possible because the offender has strong connections with high government officials and this is indeed the major failure of the Indian political and judiciary system.
9.) Commonwealth Game Scam :
The open scam and loot that took place during the Commonwealth Game is probably one of the most shameful incidents in Indian history. It certainly disgraced the nation in front of other countries and an international audience. According to estimations, 70000 crore INR was spent on the game of which only half the amount was actually spent for the event. The investigation performed by Central Vigilance Commission revealed that various hefty payments were made in the name of non-existent parties and voluntarily delay was made in the preparation process which collective lead to misuse of the funds.
10.) 2G Spectrum Political Scam :
The much speculated about 2G Spectrum Scam has been one of the most expensive scams in the nation’s record. Former telecom minister Mr. A. Raja was the person who skillfully siphoned 1.76-lakh crore INR by evading the 2G licensing norms. He awarded the 2G accounts at the price rate of 2001 instead of the increased rate in 2008. As a result India lost an unbelievable huge amount of money and this might have severe effect on the country’s economy.
Also Read Ponzi and Chit Fund Scams in India