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Premium member Presentation Transcript SCAMS IN INDIA: SCAMS IN INDIA SINCE INDEPENDANCESCAM: SCAM Definition: We can define it as obtaining money by means of deception including fake personalities, fake photos, fake template letters, non-existent addresses and phone numbers, forged documents .Jeep purchase (1948): Jeep purchase (1948) The history of corruption in post-Independence India starts with the Jeep scandal in 1948. VK Krishna Menon , the then High Commissioner for India in London signed a deal with a foreign firm worth Rs 80 lakh for jeeps for the Indian Army in Kashmir without observing normal procedure.PowerPoint Presentation: The then Government announced on September 30, 1955 that the Jeep scandal case was closed, despite the demand of the opposition for judicial inquiry as suggested by the Inquiry Committee led by Ananthsayanam Ayyangar . Union Minister GB Pant said "that as far as Government was concerned it has made up its mind to close the matter. If the opposition is not satisfied they can make it an election issue." Soon after, on February 3, 1956 VK Krishna Menon was inducted into the Nehru cabinet as minister without portfolio.Mudhra Scandal(1957): Mudhra Scandal(1957) It was the media that first hinted there might be a scam involving the sale of shares to LIC.PowerPoint Presentation: Feroz Gandhi sourced the confidential correspondence between the then Finance Minister T.T. Krishnamachari and his principal finance secretary, and raised a question in Parliament on the sale of 'fraudulent' shares to LIC by a Calcutta-based Marwari businessman named Haridas Mundhra. The then Prime Minister, Jawaharlal Nehru, set up a one-man commission headed by Justice MC Chagla to investigate the matter when it became evident that there was a prima facie case. Chagla concluded that Mundhra had sold fictitious shares to LIC, thereby defrauding the insurance behemoth to the tune of Rs. 1.25 crore. Mundhra was sentenced to 22 years in prison. The scam also forced the resignation of T.T.Krishnamachari.Bofors Scandal (1987): Bofors Scandal (1987) Then the Prime Minister Rajiv Gandhi and several others were accused of receiving kickbacks from Bofors AB for winning a bid to supply India's 155 mm field howitzer. The scale of the corruption was far worse than any that India had seen before, and directly led to the defeat of Gandhi's ruling Indian National Congress party in the November 1989 general elections.PowerPoint Presentation: It has been speculated that the scale of the scandal was to the tune of Rs. 40 crore. On February 5, 2004, the Delhi High Court quashed the charges of bribery against Rajiv Gandhi and others. On May 31, 2005, the court dismissed the Bofors case allegations against the British business brothers, Shrichand , Gopichand and Prakash Hinduja . On March 4, 2011, Ottavio Quattrocchi , acccused as the middleman in the scandal because of his intimacy with Rajiv and his Italian-born wife Sonia Gandhi, was from the case by a Delhi court as there was no credible evidence against him.Antulay Trust(1981): Antulay Trust(1981) AR Antulay had garnered Rs 30 crore from businesses dependent on state resources like cement, and kept the money in a private trust.PowerPoint Presentation: He was forced to resign as Chief Minister of Maharashtra after the Bombay High Court convicted him of extortion on January 13, 1982. The court ruled that Antulay had illegally required Bombay area builders to make donations to Indira Gandhi Pristhan trust, one of several trust funds he had established and controlled, in exchange for receiving more cement than the quota allotted to them by the Government.Harshad Mehta (1992) Securities scam : Harshad Mehta (1992) Securities scam Mehta gradually rose to become a stock broker on the Bombay Stock Exchange and had an expensive lifestyle.PowerPoint Presentation: Through the second half of 1991, Mehta had earned the sobriquet of the 'Big Bull', because he was said to have started the bull run. On April 23, 1992, journalist Sucheta Dalal exposed Mehta's illegal methods in a column in The Times of India. Mehta was dipping illegally into the banking system to finance his buying. The game went on as long as the stock prices kept going up, and no one had a clue about Mehta's modus operandi. Once the scam was exposed, the banking system had been swindled of a whopping Rs 4,000 crore. The Chairman of the Vijaya Bank committed suicide by jumping from his office roof. He knew that he would be accused if people came to know about his involvement in issuing cheques to Mehta. Mehta made a brief comeback as a stock market guru in 1998, giving tips on his own website as well as a weekly newspaper column. This time around, he was working with owners of a few companies and recommended only the shares of those companies. This game, too, did not last long. By the time he died, Mehta had been convicted in only one of the many cases filed against him.Telecom Scam (1996): Telecom Scam (1996) In 2009, former telecom minister Sukh Ram was convicted by a Delhi court of accepting bribes to grant licences and purchase equipment from companies during his 1993-96 tenure at the Centre. In 1996, raids at Sukh Ram's properties in Delhi and Himachal had unearthed 3.6 crore cash.PowerPoint Presentation: Sukh Ram, now 84, is still doing the rounds of the courts, 14 years after the CBI first charged him with corruption. In the second case, in which he is accused of causing a loss of Rs 1.68 crore by favouring ARM Pvt Ltd in a contract for purchase of telecom equipment, Sukh Ram was convicted and handed a jail term on July 5, 2002, by a sessions court. But in this case, too, the wheels moved slowly after the appeal was filed.Lalu Prasad and the Fodder Scam (1996) : Lalu Prasad and the Fodder Scam (1996) The Fodder Scam involved the alleged embezzlement of about Rs 950 crore from the government treasury of Bihar. Although the scandal broke in 1996, the theft had been in progress, and increasing in size, for over two decades.PowerPoint Presentation: Besides its magnitude and the duration for which it was said to have existed, the scam was and continues to be covered in Indian media due to the extensive nexus between tenured bureaucrats, elected politicians and businesspeople that it revealed. As it became evident that Bihar Chief Minister Lalu Prasad was involved in this scam, he has to resign as chief minister. Due to the multiplicity of cases, Lalu Yadav, Jagannath Mishra (Bihar chief minister in the 1970s and accused of knowing involvement in the scam).Hawala Diaries (1996): Hawala Diaries (1996) The Hawala scandal involved payments allegedly received by politicians through hawala brokers, the Jain brothers. It was a Rs 70 crore bribery scandal that implicated some of the country's leading politicians. There were also alleged connections with payments being channelled to Hizbul Mujahedeen militants in Kashmir.PowerPoint Presentation: The scandal surfaced following CBI raids on hawala operators in Delhi in 1991. BThe accused included LK Advani, VC Shukla, P Shiv Shankar, Sharad Yadav, Balram Jakhar and Madan Lal Khurana. Many were acquitted in 1997 and 1998, partly because the hawala records (including diaries) were judged in court to be inadequate as the main evidence. The failure of this prosecution by the Central Bureau of Investigation has been widely criticised. But it was S.K. Jain's diaries that had heads rolling.KETAN PAREKH &THE STOCK MARKET(2001): KETAN PAREKH &THE STOCK MARKET(2001) Parekh's party ended rather abruptly a day after the Union Budget was presented in February 2001. A bear cartel started disrupting Parekh's party by hammering prices of the K-10 stocks, precipitating a payment crisis in KolkataPowerPoint Presentation: A chartered accountant by training, Ketan Parekh came from a family of brokers. Between 1999 and 2001, as the technology bubble was engulfing the rest of the world, the stock market in India sprang to life too. Be it investment firms, mostly controlled by promoters of listed companies, overseas corporate bodies or cooperative banks, all were ready to hand the money to Parekh, which he used to rig up stock prices by making his interest apparent. In no time, scrips like Visual soft rose from Rs 625 to Rs 8,448 per share and Sonata Software from Rs 90 to Rs 2,150. But the vicious cycle of fraud did not end with price rigging. The inflated stocks had to be dumped onto someone in the end, for which Parekh used financial institutions like the UTI.PowerPoint Presentation: As SEBI investigated, it was evident that bank and promoter funds were used to rig the markets. In March 2011, the mayhem wiped off over Rs 1,15,000 crore from the markets. Parekh was arrested in March that year and was in custody for 53 days. Currently he has been debarred from trading in the Indian stock exchanges till 2017. In the aftermath of the scam, many gaping loopholes in the market were plugged. The trading cycle was reduced from one week to one day. Badla was banned and operators could not carry forward trade in its primitive form. Forward trading was formally introduced in the form of exchange-traded derivatives to ensure a well-regulated futures market. Broker control over stock exchanges was demolished. It's perhaps thanks to the Pentafour Bull that India's stock markets are today considered safe. And to his credit, Parekh forced lethargic policy-makers to institute reforms in the financial system.Defense expose and Tehelka (2001): Defense expose and Tehelka (2001) Tehelka showed several political figures, as well as army top brass, colluding to take bribes that approached 4% of orders totalling hundreds of crores in order to approve defence contractsPowerPoint Presentation: Indeed, in September 2001, Tehelka's editor-in-chief, Tarun Tejpal, was charged with "immoral trafficking" for offering prostitutes to the MoD officials during the sting operation. The then Defence Minister, George Fernanda's, resigned after the tapes were made public, but he was reinstated later. Part of the tapes show the treasurer of his party talking about accepting bribes of 1 crore or more from arms dealer ex-Naval officer Lt- Cmdr Suresh Nanda, son of ex-Chief of Naval Staff Admiral S. M. Nanda. However, five years later, in October 2006, the CBI filed charges against George Fernanda's, former Chief of Naval Staff Admiral Sushil Kumar, and others in the Barak missile case, claiming that there was reasonable basis to suspect corruption and criminal conspiracy. In March 2008, the Nandas were arrested. Fernanda's was interrogated in May 2008.Stamp Paper Scam (2003): Stamp Paper Scam (2003) Abdul Karim Telgi began printing fake stamp paper in 2003. His monthly profits have been estimated as being in the neighbourhood of Rs 202 crore. The size of the scam was estimated to be more than Rs 43,000 crore.PowerPoint Presentation: The Telgi case brought corruption in the Karnataka police force to light, causing a national scandal in India. A videotape emerged in September 2006 of Abdul Karim Telgi taking a Narco Analysis test. Under the influence of the supposed truth serum, Telgi is said to have blurted out the names of NCP leaders Sharad Pawar and Chaggan Bhujbal. Pawar has never been publicly linked to the case, but was forced to go public with a denial. On June 28, 2007 Telgi was sentenced to rigorous imprisonment for 13 years and fined a whopping Rs 202 crore on various counts in one of the main cases of the scandal.IPO demat scam (2005): IPO demat scam (2005) An IPO is the first sale of an entity's common shares to public investors. When an entity wants to enter the market, it makes its share available to common investors in form of an auction sale. Each application for an IPO has to be within a cut-off figure, which is eligible for allotment in the retail investors’ category. But in this case, financiers and market players illegally cornered these retail investors' shares. The IPO scam came to light in 2005 when the private 'Yes Bank' launched its initial public offering. Roopalben Panchal, a resident of Ahmedabad, had allegedly opened several fake demat accounts and subsequently raised finances on the shares allotted to her through Bharat Overseas Bank branches. The Sebi started a broad investigation into IPO allotments for YES bankin 2005. Apart from the YES Bank fraud, Sebi reportedly has definite data about two IPOs where retail allotments were rigged, but market observers believe the scam is far bigger. The Income-Tax Department in Ahmedabad has found that two major accused, Panchal and Sugandh Investments, have together made Rs 60.62 crore in 18 months.Scorpene submarine scam (2005): Scorpene submarine scam (2005) The Scorpene deal scam has gone down in history as one of India's largest bribery corruption scandals, in which Rs 500 crore is alleged to have been paid to government decision makers by Thales, the makers of the Scorpene submarine.PowerPoint Presentation: The amount was channelled via middlemen such as Abhishek Verma. Also involved was Ravi Shankaran, a relative of the then chief of navy staff Arun Prakash. He is the prime accused in the navy war room scandal and was selling defence documents to the Thales. In October 2005, defence minister Pranab Mukherjee approved the Rs 19,000 crore submarine deal with French company Thales. Scorpene submarines are now being built in India under a technology transfer agreement that was part of that contract.Illegal money in swiss: Illegal money in swiss ILLEGAL MONIES IN SWISS BANK AS ESTIMATED IN 2008 IS 71,00,000crores….2G Spectrum Scam (2008): 2G Spectrum Scam (2008) The 2G spectrum scam involved allegations of underpricing of 2G spectrum by the Telecom Ministry of India, resulting in loss to the exchequer and illegal manipulation of the spectrum allocation process to favour a few select companies.PowerPoint Presentation: What is 2G Spectrum 2G is short form of Second generation, 2G Stands for the second generation phones. The first introduced mobile phone series were named "1G", 2G is the successor of 1G phones which was introduced in Finland by Radiolinja in 1991. 2G phones are specified by the standard GSM.GSM stands for Global system for Mobile phones, this standard enabled the user to use handset in any part of the world called Roaming Facility. The actual difference of 1G phones was in in its Signaling and it used digital Channel to communicate, .This enabled the data communication (text messaging).The frequency range of 2G Spectrum is from 900MHz to 1800MHz. What is 2G Spectrum Scam..?? India upgraded from 1G phones only from 2008, the 2G phones was going to be introduced. Govt planned to allocate the spectrum for the Service providers. Telecoms minister A.Raja introduced unique procedure for allocation, he allocated by first in first served policy. What Mr A. Raja has done is that, he given away the spectrum to his favorites, important thing to note that Karunanidhi's family holds large share of Telecoms and Television Networks in Tamilnadu ..PowerPoint Presentation: The spectrum was sold in the price of 2001,in 2008. The loss from 2G spectrum allocation is about Ra 1.76 lakh Corers, Rs 1400 per man in the country. What makes this big is that, the amount country loose in 2G Spectrum allocation is more than India annual income From Export Business. This deal was in the interest of top Corporates in the Country, telecoms Ministry brushed aside all the Guidelines and proceeded to issue 122 new license for 2G spectrum at 2001 price. The major beneficiary of this deal was Reliance and Tata, it is evident from the tapes that having the conversation between Corporate middle men and Minister A.Raja . How the Scam Came Out ..! The Nexus Between the Media and Corporates are so strong that, the top English channel in India even ignored the 2G Spectrum Scam. The whole credits to bring out the scam in to light goes to Janatha party president Mr. Subamaniam Swami who filed an affidavit in the Supreme court, CPI(M), CPI,BJP and all the left parties who raised this issue in the Indian parliament, and the Malayalee media person J Gopikrishnan who brought the Nexus between Media and Corporates!!Satyam Scam (2009): Satyam Scam (2009) Ramalinga Raju founded Satyam Computers in 1987. A botched acquisition attempt involving Maytas in December 2008 led to a plunge in the share price of Satyam.PowerPoint Presentation: .In January 2009, Raju indicated that Satyam's accounts had been falsified over a number of years. He admitted to an accounting dupery to the tune of Rs 7,000 crore rupees and resigned from the Satyam board on January 7, 2009. Raju and his brother, B Rama Raju, were then arrested by the Andhra Pradesh police. Raju was convicted of cheating six million shareholders and is being held in Hyderabad's Chanchalguda jail on charges including embezzlement, insider trading, breach of trust, conspiracy, cheating, and falsification of records.THE EMMAR SCAM: THE EMMAR SCAM Emmar is an Arab based real estate developer ...its chairman is ali abbar. E mmar entred Andhra when Chandra babu Naidu was ruling. He gave allowance for the emmar tro enter Andhra... and gave away the govt owned lands for golf courts ..PowerPoint Presentation: I t was totally misused later on in the reign of Mr. Y .S. Rajasekhar reddy. The 537 govt owned lands have been given away to the biggies for a very low price.as plots to construct villas ... The most alleged person in this scam is Mr. ys jagan son of Mr. late ys rajasekhar reddy...it was known that he was responsible. Tyo totaaly misuse the golf coyurts and sell them for a very low price to the celebs..many tollywood biigies and families of many politicians who have bought the villas are being questioned ..!! lets hope that this gets solves soon...and the Indian money is no more drained to any other countries !!THE JHARKHUND MEDICAL EQUIPMENT SCAM(2009): THE JHARKHUND MEDICAL EQUIPMENT SCAM(2009) The scam basically involves creating fake medical equipment companies then finding people to sign up to receive free equipment. In some cases real medical equipment suppliers are involved in the scheme. In some cases, doctors are bribed to sign approval forms certifying that the patient needs the equipment. Medical equipment companies are facing new requirements to get accredited later this year. “Now they actually have to invest some money to go to the trouble of defrauding us…Plus, the bond providers will have an interest in vetting the suppliers themselves,” Kim Brandt director of program integrity for the Centers for Medicare and Medicaid Services, told the Wall Street Journal.Black Money and Hassan Ali Khan (2009): Black Money and Hassan Ali Khan (2009) Hassan Ali is allegedly worth $9 billion or more, according to law authorities. The Government of India has also confirmed the existence of this account in UBS, and ordered him to pay Rs 50,000 crore in taxes on that wealth.PowerPoint Presentation: However, according to Khan, he is a scrap dealer with an annual income of Rs 30 lakh. Some sources claim that he might be the fourth richest person in India and amongst the world's dollar billionaires. The Enforcement Directorate, Income Tax department along with the Economic Offences Wing (EOW) of Maharashtra are probing the illegal investments and charges of money laundering against Khan. The Supreme Court of India questioned the Central Government's inertia on this issue. Despite this, the Central Government doesn't intend to prosecute Khan under India's money laundering law simply because it hadn't gone into effect at the time the alleged crimes were committed.Madhu Koda mining scam (2009): Madhu Koda mining scam (2009) During his tenure, former Chief Minister of Jharkhand, Madhu Koda was charged with laundering money worth over 4000 crores.PowerPoint Presentation: Later, when the enforcement directorate conducted raids they unearthed assets allegedly worth 4000 crores. Assets included hotels, three companies in Mumbai, property in Kolkata, a hotel in Thailand and a coal mine in Liberia. In fact, this scam was listed as the second-largest scam uncovered in India that year. Presently, Madu Koda is spending his time at the Birsa Munda Central Jail at Hot war. Budget for this scam is rs.4000crCWG Scam (2010): CWG Scam (2010) On 28 July 2010, the Central Vigilance Commission released a report showing irregularities in up to 14 CWG projects . The detailed preliminary findings included the award of work contracts at higher prices, poor quality assurance and management, and work contracts awarded to ineligible agenciesPowerPoint Presentation: There were also allegations of widespread corruption in various aspects of organizing the games including procurement and awarding contracts for constructing the game venues. The CWG Organizing Committee, on Aug 5, 2010, suspended joint director T S Darbari and deputy director general Sanjay Mahendroo following the report of the three-member panel which was probing the financial irregularities related to the Queen's Baton Relay. Also, Organizing Committee treasurer Anil Khanna resigned from the post in the wake of allegations that his son's firm had secured a contract for laying synthetic courts at a tennis stadium. Among the alleged corruption and defrauding of the games budget, toilet paper rolls valued at $2 were costed at $80, $2 soap dispensers at $60, $98 mirrors at $220, $11,830 altitude training simulators at $250,190. CWG Organizing Committee Chief Suresh Kalmadi's conduct also came under scrutiny, with the CVC asking the CBI to probe certain aspects of the games' organization. On April 25, 2011 after being questioned over alleged irregularities in the conduct of Queen's Baton Relay (QBR) held in London in 2009, CBI arrested Kalmadi under Sections 120 B and 420 (criminal conspiracy and cheating) of the Indian Penal Code in the Commonwealth Games Time Scoring Equipment scam.Adarsh Housing Society Scam (2010): Adarsh Housing Society Scam (2010) In 2010, Indian media brought to public the violations of rules at various phases of construction in the Adarsh Society - an apartment complex reserved for the war widows and veterans of the Kargil War.PowerPoint Presentation: Several inquiries have been ordered by the army and the Government to probe into the irregularities. Environment minister Jairam Ramesh formally set the ball rolling for the demolition of the entire 31-story scam-tainted Adarsh building in Coloba's eco-sensitive zone on Friday November 12, 2010. Ramesh sent a show cause notice to the Adarsh housing society, saying that "all options under the law are open except regularisation of the structure".Obulapuram iron ore scam: Obulapuram iron ore scam Gaali brothers are the key players or heroes in this scam. Till the case is being investigated by CBI special court. It may cross the record of raja’s 2g spectrum movie. People are waiting for the record. Whole government is dependent on this record.PowerPoint Presentation: An illegal permits incident at Pendlimarri mandal was unearthed in Kadapa district. Crores of rupees corruption took place while granting lakhs of permits to export iron ore. The State Government has accorded permission to 10 companies to extract iron ore deposits in Pendlimarri mandal. In which, 5 companies could extract moderate iron ore; 3 companies could dig out 32 grade iron ore and another 2 companies did not take up extraction at all. All the companies after obtaining permits have been resorting to illegal mining in Government lands. They are storing mined iron ore stocks in designated places and exporting it. The Indian Bureau of Mines officials examined mines the previous year but they did not inspect two companies which took lands on lease to extract iron ore. The officials served notices to these companies asking as to why their permits cannot be cancelled. However , these two companies created records saying they were involved in extraction. They obtained permits and earned crores of rupees by selling permits.Total amount in scams: Total amount in scams The total amount of money that was made from this corruptions or scams is a very small number. It is not just 910603234300000 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.