When it comes to financial scams, name of Vijay Mallya is always at the top but there are other corporate con men as well who have sucked India’s immense wealth and hit the country’s economy harder. We are here to unveil the 5 biggest financial scams in India worth billions of dollars. Have a look below.
Million Dollars Fraud- Hawala Scam
Leaders are supposed to change the country by eliminating the evils of society such as poverty, corruption, etc. that hinder the country’s growth. But, when these politicians themselves are involved in corruption and malpractices then where the graph of India would go.
The 1990s Hawala scam is the answer as famous politicians were involved in bribery. Some of the names were shocking for the public when the case was a highlight in 1996. Lal Krishna Advani, Madan Lal Khurana, Yeshwant Sinha, and others received payments worth 18 million dollars through the Jain brothers.
Popularly known as the Hawala brothers, the case gained limelight when the whole incident was revealed and the name of Hizbul Mujahideen was found linked to the scam.
Telecom Fraud – 2G Spectrum Scam
The second biggest financial scam in India was a shame for the government as the telecom minister of India was found involved in the spectrum allocation scandal. The incident came into the spotlight in 2008 where few ineligible telecom operators got the license of 2G spectrum at very low prices.
The Supreme Court later announced the allocation unconstitutional and arbitrary and canceled licenses of all the private operators involved in the scam. Telecom minister resigned from the post but India lost a tremendous amount of money (Rs 176,000 crore ).
Bad Stain On Government- Coalgate Scam
The Coalgate scam had put a forever stain on the UPA government as the involvement of top bureaucrats and politicians was disclosed in the coal scandal. The audit was done by the Comptroller and Auditor General. Total loss of 10 lakh crore was estimated at first but the final report mentioned different figures and it was way higher than the initial amount.
Common Wealth Games Scam
It would not be wrong to say that the Commonwealth games scam ruined the hard work of Indian athletes. They struggle hard on the field to bring medals for the country and this one scam had put India to shame in 2010.
This was the year when India was hosting the event but before athletes could make us proud; the former chairman of the committee brought the country’s fame down. He was charged for involving in the conspiracy, forgery, and misuse of funds allocated for the athletes.
Around 70, 000 crores were allocated for providing facilities to the sportsperson participating in the event. However, only half of them were used and poor facilities were arranged for the participants.
Another major fraud in Indian history took place during the 90s and it was very shocking because one of the most prominent names was involved in the scandal. The name of Rajiv Gandhi came into the highlight as one among the top politicians accused of receiving kickbacks by the company for a weapon-contract.
The contract was regarding the supply of howitzer guns. The incident not only brought a loss of Rs 64 crore to the country but also pulled off the Congress government from power.