Biggest Scams in India that ever executed

Biggest Scams in India that ever executed

Scams are everywhere, if you are not aware then you might get caught in it, no matter who is executing the scam the victim is always the same, the common man, whether its a banking fraud or any other scheme that ripped off people and government in the last its the common man who pays the price.

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So, today we are going to talk about the biggest scams that have ever been executed in India, the amount of money that was ripped off will blow your mind.

Biggest Scams in India

Harshat Mehta Scam

This was a national scam in which government officials and even Prime Minister were involved. Harshat Mehta also known as the Big Bull in the stock market was borrowing money from government banks and using that money to manipulate stock prices and in this process making a lot of money.

He scammed around Rs. 5000 Cr. from the stock market and of course, these are the official figures real pictures may be bigger which we might never know.

In his period he manipulated many stocks according to his convenience and made millions but was finally caught when Suchita Dalal published a report about his scam in the newspaper.

Ther is also a web series based on this fraud on Netflix known as the Big Bull.

Read more about the Harshad Mehta scam here.

Vijal Malya Scam

This was another banking scam carried out by influential and other banking mafias together, Vijay Mallya was an influential person who was the owner of the famous bear brand Kingfisher and also the owner of RCB IPL team which was bought by the United spirit Limited 2008.

He had various connections in politics and with the help of those he took out loans for his businesses from government banks and when he couldn’t repay those amounts he fled away, currently, he is living in London.

The total sum of Rs. 11,000 Cr. was ripped off from dozens of Indian Banks, Indian Government now trying to take him back from London Government since he is in their care now.

Read more about the Vijay Mallya Scam here.

Satyam Scam

This was India’s biggest corporate scam, this scam was executed by B Ramalinga Raju and Satyam Computers services ltd.

Satyam computers were one of the biggest software exports in India after TCS, Wipro, and Infosys. In this scam companies’ balance sheets were manipulated by promoters to gain more and more investments and they also made duplicate bank sheet statements that never existed.

The aim was to deceive the analysts and make the public believe that they are a well-established company and people can trust them, this was an accounting fraud of around Rs. 12,000 Cr.

Satyam Scam was exposed to the public at the start of 2009 when the economy was already collapsing after that Satyam was arrested. This was the work of a mastermind not a person with political powers.

Read more about Satyam scam here.

ABG Shipyard

This was India’s biggest banking fraud, Directors of ABG SHipyard ltd. Rishi Aggarwal and Santhanam Muthuswamy and Ashwani Kumar together executed the fraud of around Rs. 23,000 Cr.

Banks took 5 years to realize that the company is suing that money for some shady purpose, it took CBI more than 1.5 years to catch the culprits, and then this whole scam came to light.

Read more about ABG Shipyard scam here.

Commonwealth Games Scam

In 2010 commonwealth Games were held and this event is more famous for its scam than the game itself. because of its amount. This scam was exposed when the event was completed and people started complaining about poor facilities and infrastructure.

And when the matter was investigated deeply it was found that the commonwealth Games committee members and politicians were directly involved in the scam and the contract was handed to local companies to organize the event instead of capable companies.

The total amount of many that were scammed from this was around Rs. 70,000 Cr. ( 10 Billion USD). this amount was crazy and revealed the true nature of Indian politicians.

Read more about the commonwealth Games scam here.

2G Spectrum Scam

This scam was exposed by the comptroller and auditor general of India when they questioned the spectrum allocation according to their report, Instead of the auction, first come first serve licenses were issued for the 2G spectrum to the company.

Which caused the government treasury a loss of around 1,76000 Cr. this is the biggest amount in then the GDP of many countries.

Read more about 2G Spectrum scam here.


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