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The Top 10 Notorious Scams in India: A Deep Dive into the Biggest Frauds in the Country

New Delhi : Even in the country of India, which is renowned for its extensive cultural legacy, financial fraud and corruption are a problem. The country has had a number of high-profile frauds over the years that have upended its political and economic landscape. In this thorough exposé, we examine the ten biggest frauds that have permanently altered India’s past.

1. 2G Spectrum Scam: 2008 – ₹4,47,070 Crores

Undoubtedly one of India’s most notable financial scandals is the 2G Spectrum Scam of 2008. It was centered on the cheap distribution of 2G spectrum licenses. The misguided strategy caused the exchequer to suffer a staggering loss of $4,47,070 crores. As prominent figures in politics and business became involved in this stunning swindle, a network of conspiracies and unscrupulous business practices formed.

2. Coal Allocation Scam: 2012 – ₹3,23,640 Crores

The 2012 Coal Allocation Scam caused the country great harm. It involves the haphazard distribution of coal blocks without adhering to a fair and open bidding process. A huge loss of 3,23,640 crores was as a result. Powerful officials, corporate entities, and politicians were all involved in the fraud.

3. Commonwealth Games Scam: 2010 – ₹1,45,870 Crores

The 2010 Commonwealth Games Scam was a scandalous incident in India’s sporting past. Corruption, poor management, and a lack of accountability damaged it. A loss of 1,45,870 crores was caused by the extravagant budget for the games, inflated contracts, and poor infrastructure construction. India’s reputation has been damaged on a worldwide scale by this incident.

4. Telgi Stamp Paper Scam: 2003 – ₹63,850 Crores

The 2003 Telgi Stamp Paper Scam was a master lesson in forgery. The mastermind of this scheme, Abdul Karim Telgi, ran a large network that produced fake stamp paper. The government suffered a loss of 63,850 crores as a result of his activities. High-ranking police personnel and government representatives were entangled in Telgi’s complex network of corruption.

5. Ketan Parekh Scam: 2001 – ₹1,39,400 Crores

The 2001 Ketan Parekh Scam sent shockwaves through the financial market. Stockbroker Ketan Parekh destabilized the market by manipulating the stock prices of numerous companies, causing a loss of 1,39,400 crores. The scandal made India’s financial regulatory system vulnerable.

6. DHFL Scam: 2019 – ₹37,320 Crores

The 2019 Dewan Housing Finance Limited (DHFL) Scam shocked the financial community. The promoters of DHFL were charged with embezzling money, causing a loss of 37,320 crores. The effects of the fraud spread to the larger non-banking financial firm (NBFC) sector.

7. Harshad Mehta Scam: 1992 – ₹33,250 Crores

The Harshad Mehta Scam, also known as the “Big Bull” scam, occurred in 1992. Loss of 33,250 crores resulted from Harshad Mehta’s fraudulent stock market manipulation and theft of bank cash. The Indian banking system underwent a paradigm shift as a result of this controversy.

8. Satyam Scam: 2012 – ₹33,020 Crores

The 2012 Satyam Scam was a massive business fraud that shocked the entire world. Ramalinga Raju, the founder of Satyam, admitted to falsifying the company’s financial records and inflating profits by 33,020 crores. The effects of this discovery on India’s corporate transparency and governance were extensive.

9. AGB Shipyard Scam: 2009 – ₹32,920 Crores

The 2009 AGB Shipyard Scam exposed the murky side of India’s defense acquisition system. It cost a total of 32,920 crores and was related to the procurement of equipment for the Indian Navy. Defense and national security contracts were adversely affected by the hoax.

10. Granite Scam: 2012 – ₹27,840 Crores

Illegal granite mining in several states, particularly in Tamil Nadu, was at the heart of the Granite Scam of 2012. Granite was illegally mined and smuggled, costing $27,840 crores. This financial and environmental catastrophe served as a stark reminder of the inadequate enforcement of mining laws.