23 June 2023, Mumbai: From financial frauds to political scandals, India has witnessed several high-profile scams that have left the nation in shock and awe.
1. Harshad Mehta Scam:
The infamous stock market scam orchestrated by Harshad Mehta rocked the nation in the early 1990s. Manipulating loopholes in the banking system, Mehta siphoned off funds, leading to a market crash and exposing deep-rooted corruption in the financial sector.
2. 2G Spectrum Scam:
The 2G spectrum allocation scam emerged as one of India’s largest political scandals. Politicians and business tycoons conspired to manipulate the allocation of telecom licenses, resulting in massive revenue losses to the exchequer and public outrage.
3. Satyam Scandal:
The Satyam scandal sent shockwaves through the corporate world. The company’s founder, Ramalinga Raju, confessed to a massive accounting fraud, inflating profits and fabricating assets, which resulted in a significant loss of investor confidence and tarnished India’s corporate image.
4. Commonwealth Games Scam:
The Commonwealth Games scam unfolded when massive irregularities and corruption were uncovered during the organizing and execution of the 2010 Commonwealth Games in Delhi. The scam involved inflated contracts, bribery, and misappropriation of funds, causing widespread public outrage.
5. Nirav Modi-PNB Scam:
The PNB scam masterminded by businessman Nirav Modi shocked the nation. Modi, along with his associates, obtained fraudulent Letters of Undertaking (LoUs) from Punjab National Bank, leading to a staggering fraud of over ₹14,000 crores. The incident exposed loopholes in the banking system and raised questions about regulatory oversight.
Article by PRITESH PATEL