cool share.
--- In gujaraticlub@yahoogroups.com, Arvind Patel <arvind.arvind1uk@...> wrote:
>
> *
>
> *
>
> *Republic** Of Scams*
>
> Total Scam Money (approx) Since 1992:
>
> Rs. 73000000000000 Cr.
> (73 Lakh Crore)
>
> Hard to digest ?
> Just check the below given details
>
> 1992 -Harshad Mehta securities scam Rs 5,000 cr
>
> 1994 -Sugar import scam Rs 650 cr
>
> 1995 -Preferential allotment scam Rs 5,000 cr
> Yugoslav Dinar scam Rs 400 cr
> Meghalaya Forest scam Rs 300 cr
>
> 1996: -Fertiliser import scam Rs 1,300 cr
> Urea scam Rs 133 cr
> Bihar fodder scam Rs 950 cr
>
> 1997 -Sukh Ram telecom scam Rs 1,500 cr
> SNC Lavalin power project scam Rs 374 cr
> Bihar land scandal Rs 400 cr
> C.R. Bhansali stock scam Rs 1,200 cr
>
> 1998 -Teak plantation swindle Rs 8,000 cr
>
> 2001 -UTI scam Rs 4,800 cr
> Dinesh Dalmia stock scam Rs 595 cr
> Ketan Parekh securities scam Rs 1,250 cr
>
> 2002 -Sanjay Agarwal Home Trade scam Rs 600 cr
>
> 2003 -Telgi stamp paper scam Rs 172 cr
>
> 2005 -IPO-Demat scam Rs 146 cr
> Bihar flood relief scam Rs 17 cr
> Scorpene submarine scam Rs 18,978 cr
>
> 2006 -Punjab's City Centre project scam Rs 1,500 cr,
> Taj Corridor scam Rs 175 cr
>
> 2008 -Pune billionaire Hassan Ali Khan tax default Rs 50,000 cr
> The Satyam scam Rs 10,000 cr
> Army ration pilferage scam Rs 5,000 cr
> The 2-G spectrum swindle Rs 60,000 cr
> State Bank of Saurashtra scam Rs 95 cr
> Illegal monies in Swiss banks, as estimated in 2008 Rs 71,00,000 cr
>
> 2009: -The Jharkhand medical equipment scam Rs 130 cr
> Rice export scam Rs 2,500 cr
> Orissa mine scam Rs 7,000 cr
> Madhu Koda mining scam Rs 4,000 cr"
>
> SC refuses to quash PIL against Mayawati in Taj corridor scam
> Orissa mine scam could be worth more than Rs 14k cr
>
> CORRUPTION, MONEY LAUNDERING SCAM, Koda discharged from hospital, arrest
> imminent
>
>
> 'A Cover-Up Operation':
> "It's a scam involving close to Rs 60,000 crores"
> Spectrum scam: How govt lost Rs 60,000 crore
>
> India's biggest scams 1, Ramalinga Raju, Rs. 50.4 billion
> India's biggest scams 2, Harshad Mehta, Rs. 40 billion
> India's biggest scams 3, Ketan Parekh, Rs. 10 billion
> India's biggest scams 4, C R Bhansali, Rs. 12 billion
> India's biggest scams 5, Cobbler scam
> India's biggest scams 6, IPO Scam
> India's biggest scams 7, Dinesh Dalmia, Rs. 5.95 billion
> India's biggest scams 8, Abdul Karim Telgi, Rs. 1.71 billion
> India's biggest scams 9, Virendra Rastogi, Rs. 430 million
> India's biggest scams 10, The UTI Scam, Rs. 320 million
> India's biggest scams 11, Uday Goyal, Rs. 2.1 billion
> India's biggest scams 12, Sanjay Agarwal, Rs. 6 billion
> India's biggest scams 13, Dinesh Singhania, Rs. 1.2 billion
>
>
>
> 1, Jeep Purchase (1948) :- Free India's corruption graph begins. V. K.
> Krishna Menon, then the Indian high commissioner to Britain, bypassed
> protocol to sign a deal worth Rs 80 lakh with a foreign firm for the
> purchase of army jeeps. The case was closed in 1955 and soon after Menon
> joined the Nehru cabinet.
>
> 2, Cycle Imports (1951) :- S.A. Venkataraman, then the secretary, ministry
> of commerce and industry, was jailed for accepting a bribe in lieu of
> granting a cycle import quota to a company.
>
> 3, BHU Funds (1956) :- In one of the first instances of corruption in
> educational institutions, Benaras Hindu University officials were accused of
> misappropriation of funds worth Rs 50 lakh.
>
> 4, MUNDHRA SCANDAL (1957):- It was the media that first hinted there might
> be a scam involving the sale of shares to LIC, Feroz Gandhi sources 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 M.C.Chagla
> to investigate the matter when it becomes 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.
>
> 6, Teja Loans (1960):- Shipping magnate Jayant Dharma Teja took loans worth
> Rs 22 crore to establish the Jayanti Shipping Company. In 1960, the
> authorities discovered that he was actually siphoning off money to his own
> account, after which Teja fled the country.
>
> 7, Kairon Scam (1963):- Pratap Singh Kairon became the first Indian chief
> minister to be accused of abusing his power for his own benefit and that of
> his sons and relatives. He quit a year later.
>
> 8, Patnaik's Own Goal (1965) :- Orissa Chief Minister Biju Patnaik was
> forced to resign after it was discovered that he had favoured his
> privately-held company Kalinga Tubes in awarding a government contract.
>
> 9, Maruti Scandal (1974) :- Well before the company was set up, former Prime
> Minister Indira Gandhi's name came up in the first Maruti scandal, where her
> son Sanjay Gandhi was favoured with a license to make passenger cars.
>
> 10, Solanki Expos? (1992) :- At the World Economic Forum, Madhavsinh
> Solanki, then the external affairs minister, slipped a letter to his Swiss
> counterpart asking their government to stop the probe into the Bofors
> kickbacks. Solanki resigned when India Today broke the story.
>
> 11, Kuo Oil Deal (1976):- The Indian Oil Corporation signed an Rs 2.2-crore
> oil contract with a non-existent firm in Hong Kong and a kickback was given.
> The petroleum and chemicals minister was directed to make the purchase.
>
> 12, Antulay Trust (1981) :- With the exposure of this scandal concerning
> A.R. Antulay, then the chief minister of Maharashtra, The Indian Express was
> reborn. Antulay had garnered Rs 30 crore from businesses dependent on state
> resources like cement and kept the money in a private trust.
>
> 13, HDW Commissions (1987) :- HDW, the German submarine maker, was
> blacklisted after allegations that commissions worth Rs 20 crore had been
> paid. In 2005, the case was finally closed, in HDW's favour.
>
> 14, Bofors Pay-Off (1987) :- A Swedish firm was accused of paying Rs 64
> crore to Indian bigwigs, including Rajiv Gandhi, then the prime minister, to
> secure the purchase of the Bofors gun.
>
> 15, St Kitts Forgery (1989) :- An attempt was made to sully V.P. Singh's Mr
> Clean image by forging documents to allege that he was a beneficiary of his
> son Ajeya Singh's account in the First Trust Corp. at St Kitts, with a
> deposit of $21 million.
>
> 16, Airbus Scandal (1990) :- Indian Airlines's (IA) signing of the Rs
> 2,000-crore deal with Airbus instead of Boeing caused a furore following the
> crash of an A-320. New planes were grounded, causing IA a weekly loss of Rs
> 2.5 crore.
>
> 17, Securities Scam (1992) :- Harshad Mehta manipulated banks to siphon off
> money and invested the funds in the stock market, leading to a crash. The
> loss: Rs 5,000 crore.
>
> 18, Indian Bank Rip-off (1992) :- Aided by M. Gopalakrishnan, then the
> chairman of the Indian Bank, borrowers-mostly small corporates and exporters
> from the south-were lent a total of over Rs 1,300 crore, which they never
> paid back.
>
> 19, Sugar Import (1994) :- As food minister, Kalpnath Rai presided over the
> import of sugar at a price higher than that of the market, causing a loss of
> Rs 650 crore to the exchequer. He resigned following the allegations.
>
> 20, MS SHOES SCAM (1994) :- Anyone who war old enough in 1994 to read will
> remember the advertisements- tens of them intriguingly headlined: 'Who is
> Pawan Sachdeva?' For the record, it was the peak of the public issued-led
> advertising boom and the ads were created by the Delhi branch of
> Rediffusion. Sachdeva, the promoter of MS Shoes, allegedly used company
> funds to buy shares (of his own company) and rig prices, prior to a public
> issue. He is alleged to have colluded with officials in the Securities
> Exchange Board of India (SEBI) and SBI Caps, which lead-managed the issue,
> to dupe the public into investing in his Rs. 699-crore public-***-rights
> issue. Sachdeva was later acquitted
>
> 21, JMM Bribes (1995) :- Jharkhand Mukti Morcha leader Shailendra Mahato
> testified that he and three party members received bribes of Rs 30 lakh to
> bail out the P.V. Narasimha Rao government in the 1993 no-confidence motion.
>
> 22, In a Pickle (1996) :- Pickle baron Lakhubhai Pathak raised a stink when
> he accused former Prime Minister P.V. Narasimha Rao and godman Chandraswami
> of accepting a bribe of Rs 10 lakh from him for securing a paper pulp
> contract.
>
> 23, Telecom Scam (1996) :- Former minister of state for communication Sukh
> Ram was accused of causing a loss of Rs 1.6 crore to the exchequer by
> favouring a Hyderabad- based private firm in the purchase of telecom
> equipment. He, along with two others, was convicted in 2002.
>
> 24, Fodder Scam (1996) :- The accountant general's concerns about the
> withdrawal of excess funds by Bihar's animal husbandry department unveiled a
> Rs 950-crore scam involving Lalu Prasad Yadav, then the state chief
> minister. He resigned a year later.
>
> 25, Urea Deal (1996) :- C.S. Ramakrishnan, MD, National Fertiliser, and a
> group of businessmen close to the P.V. Narasimha Rao regime fleeced the
> government and took Rs 133 crore from the import of two lakh tonne of urea,
> which was never delivered.
>
> 26, Hawala Diaries (1996) :- The scandal surfaced following CBI raids on
> hawala operators in Delhi in 1991. But it was S.K. Jain's diaries that had
> heads rolling.
>
> 27, CRB SCAM (1997) :- Another scam forged by greed and discovered through
> accident. Chain Roop Bhansali, a smart-talking entrepreneur, created a
> pyramid financial empire based on high-cost financing. At its peak, his Rs.
> 1,000-crore financial conglomerate had in its ranks a mutual fund, a
> financial services company into fixed deposits, and a merchant bank. That
> Bhansali knew how to work the system became evident when he also managed to
> secure a provisional banking license. Then his luck ran out. An executive in
> the State Bank of India Inadvertently discovered that some interest warrants
> issued by Bhansali were not backed by cash. The bubble finally burst in May
> 1997, but by that time investors had lost over Rs. 1,000 crore. This was
> among the first retail scams in India and it was played out, in smaller
> avatars, across the country-especially in the South where financial services
> companies promised returns in excess of 20 per cent and decamped with the
> principal. Bhansali was arrested for a few weeks and released later on bail.
>
> 28, MEHTA'S SECOND COMING (1998) :- The Big Bull returned to the bourses.
> This time, he allegedly colluded with the promoters of BPL, Videocon
> International, and Sterile Industries to rig the share prices of these
> companies. The inevitable collapse happened sooner than planned, Harshad
> Mehta orchestrated a cover-up operation that included a high=jinks effort by
> officials of Bombay Stock Exchange to (illegally ) open the trading system
> in the middle of the night to set things right, but the damage had been
> done. SEBI finally passed its ruling on the scam in 2001, banning the three
> companies concerned from tapping the market-BPL, for two years. Mehta was
> debarred for life form dealing in Securities Appellate Tribunal (SAT) in
> October 2001
>
> 29, VANISHING COMPANIES SCAM (1998) :- A passing remark heard by then
> Finance Minister Palaniappan Chidambaram resulted in a furore over what was
> badly-kept secret on Dalal street. Chidambaram was told that hundreds of
> companies had disappeared after raising moneys form the public. An informal
> scrutiny revealed that perhaps over 600 companies were missing. Chidambaram
> ordered a probe by SEBI. The SEBI probe conducted in May 1998 revealed that
> while many companies are not traded on the bourses at least 80 companies
> that had rises Rs.330.78 crore were simply missing. Later that year, the
> Department of Company Affairs (DCA) was asked to probe and penalize these
> companies. DCA still investigating. Investigations continue to this day.
>
> 30, PLANTATION COMPANIES SCAM (1999) :- It was as innovative a swindle as
> any effected in the world. Savvy entrepreneurs convinced gullible investors
> that given the right irrigation and fertilizer inputs, teak, strawberries,
> and anything else that could be grown, would grow anywhere in the country.
> The promoters could afford to collect money from investors and not worry
> about retribution (or returns, for that matter). For, plantation companies
> fell under the purview of neither SEBI nor Reserve Bank of India. Indeed,
> they didn't even come under the scope of the Department decided to change
> things in 1999, enough investors had been gulled: 653 companies, between
> them, had raised Rs. 2,563 crore from investors. To date, not many investors
> have got their principals back, just another affirmation of the old saying
> about money not growing on trees.
>
> 31, Match Fixing (2000) :- Mohammed Azharuddin, till then India's cricket
> captain, was accused of match-fixing. He and Ajay Sharma were banned from
> playing, while Ajay Jadeja and Manoj Prabhakar were suspended for five
> years.
>
> 32, KETAN PAREKH SCAM (2001) :- Ketan Parekh's modus operandi wasn't very
> different from Harshad Mehta's. If Mehta used banker's receipts, then Parekh
> used pay orders to ramp up the prices of his favourite scrips (the K-10).
> Apart from money form the banking system Parekh also rerouted money from
> corporated like HFCL (Rs. 425 crore), and Zee (Rs. 340 crore) to good
> effect. He was caught when pay-orders issued by Madhavpura Mercantile
> Cooperative Bank bounced. Although the total amount involved in the scam was
> just Rs. 137 crore, the impact was far greater.
>
> Apparently, when a bear cartel sensed Parekh was in trouble, it stepped in
> and leveraged a dip in the NASDAQ to bear down stock prices. The resultant
> slump in the markets happened soon after Finance Minister Yashwant Sinha
> presented what he considered his best budget ever. Under pressure from the
> government, SEBI investigated the scam and heads began to roll. Among them:
> the entire management team of BSE, including its president Anand Rathi,
> CSFB, First Global, and, in an indirect connection, P.S.Subramanyam, the
> Chairman of UTL Evidently, for the 18 months that PSS was Chairman of UTI,
> the Trust had mirrored the actions of the bull cartel. The result? When the
> market tanked, so did the NAV of its holy cow, the US-64.
>
> 33, Tehelka Sting (2001) :- Tehelka, an online news portal, used spycams to
> catch army officers and politicians accepting bribes, in their sting
> operation called Operation Westend. Investigative journalism turned another
> corner in the country.
>
> 34, Stockmarket Scam (2001) :- The mayhem that wiped off over Rs 1,15,000
> crore in the markets in March 2001 was masterminded by the Pentafour bull
> Ketan Parekh. He was arrested in December 2002 and banned from acccessing
> the capital market for 14 years.
>
> 35, Home Trade Scam (2002) :- Under the pretext of gilt trading, Rs 600
> crore was swindled from over 25 cooperative banks in Maharashtra and Gujarat
> by a Navi Mumbai-based brokerage firm Home Trade. Sanjay Agarwal, CEO of the
> firm, was arrested in May 2002.
>
> 36, Stamp Paper Scam (2003) :- The sheer magnitude of the racket was
> shocking-it caused a loss of Rs 30,000 crore to the exchequer. Disclosures
> of the mastermind behind it, Abdul Karim Telgi, implicated top police
> officers and bureaucrats.
>
> 37, Oil-for-Food Scandal (2005) :- K. Natwar Singh was unceremoniously
> dropped from the Cabinet when his name surfaced in the Volcker Report on the
> Iraq oil-for-food scam.
> What India Could Do With Rs 73 Lakh Crore?
>
> Build: 2.4 crore primary healthcare centres. That’s at least 3 for every
> village, at a cost of Rs 30 lakh each.
>
> Build: 24.1 lakh Kendriya Vidyalayas at a cost of Rs 3.02 crore each, with
> two sections from Class VI to XII.
>
> Construct: 14.6 crore low-cost houses assuming a cost of Rs 5 lakh a unit.
> Set up: 2,703 coal-based power plants of 600 MW each. Each costs Rs 2,700
> crore.
>
> Supply: 12 lakh CFL bulbs. That’s enough light for each of India’s 6 lakh
> villages
>
> Construct: 14.6 lakh km of two-lane highways. That’s a road around India’s
> perimeter 97 times over.
>
> Clean up: 50 major rivers for the next 121 years, at Rs 1,200 crore a river
> every year.
>
> Launch: 90 NREGA-style schemes, each worth roughly Rs 81,111 crore.
> Announce: 121 more loan waiver schemes. All of them worth Rs 60,000 crore.
>
> Give: Rs 56,000 to every Indian. Even better, give Rs 1.82 lakh to 40 crore
> Indians living BPL.
>
> Hand out: 60.8 crore Tata Nanos to 60.8 crore people. Or four times as many
> laptops.
>
> Grow the GDP: The scam money is 27% more than our GDP of Rs 53 lakh crore."
>
> Greed, graft, politics, bribery, dirty money. Just another day in the life
> of a nation still rated among the most corrupt in the world. Scan the scams
> that have grabbed headlines, destroyed reputations and left many people
> poorer.
>
>
>
> --
> "If we fight, we may not always win, but if we don't fight, we will surely
> lose."
> ARVIND.
> arvind.arvind1uk@...
> My Blogs,
> http://greatgujarat.blogspot.com/
> http://dreamsatdawn.blogspot.com/
>
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