There were a lot of corruption scams in India there are few scams which shaken India financially here are the 7 scams
Indian Coal Allocation Scam
Out of all the scams this coal allocation which is also called Coalgate was the biggest scam ever happened in India.
This scam happened in 2012 and there was about 186,000 Crores involved in this Scam. This Scam is about Indian Government’s allocation of nation’s coal deposit to PSU’s and private companies.
This scam involves wrongful allocation of Coal deposits by Government without Doing any competitive bidding, which would have bring huge amounts to the Government. However, the coal deposits were allocated Immediately.
2G Spectrum Scam
There most famous scam in India. The 2G scam which happened in 2008 and almost 1,76,000 crores involves in this scam. The scam is about the process of allocating unified access service licenses. The former Telecom minister A Raja who according to the CAG, By bypassing norms at every level he carried out the Suspicious 2G license awards in 2008 at a throw-away prices which were fixed at 2001 prices.
The 2G spectrum allocation happened 5 years earlier than Coal Scam which came out in 2012. With respects to inflation this scam remains the biggest scam in India.
The cases are still proceeding against the accused including former Telecom minister A.Raja, M. K. Kanimozhi and many telecom companies.
Commonwealth Games Scam.
Commonwealth Games Scam which made India feel shameful before other nations. Even before the long awaited sporting event could see the daylight. the grand event was darkened with allegations of corruption. There were no specific figures how much money got scammed but It is estimated that out of Rs. 70000 crore spent on the Games.
Out of which only half the amount was spent on Indian athletes. The Central Vigilance Commission, involved in probing the alleged corruption in various Commonwealth Games and its related projects and found miscalculations in tenders like payment to non-existent parties, will-full delays in execution of contracts, over-inflated price and etc. This event took place in 2010.
Lot of people don’t know about this scam. But this is one of the biggest scam and which involves around 20,000 crores this scam is named after the man who did this Abdul Karim Telgi.
He got an art of forgery in printing duplicate stamp papers and sold them to banks and other institutions. His web of fake stamps reached 12states and according to an estimate due to this was a scam 20,000 crores.
One more most famous scam the Satyam scam. This scam was the biggest in the corporate history to the tune of Rs. 14000 crores. The Satyam computers former chairman Ramalinga Raju kept everyone in the dark for a decade by falsifying the books of accounts for several years and inflating revenues and profit figures of the company.
In 2009, Ramalinga Raju confess that he had manipulated the accounts and resigned as chairman of Satyam computer services.
Later Mahindra group bought majority of its shares and now it is TechMahindra.