Apr 2, 2011

Great Financial Scams of India in 2011

Great Financial Scams of India in 2011

In India most of the political persons are earning the money very fast & quick by way of corruptions. These moneys' are all deposited in to some foreign banks.  Opposition parties are insisting to present government to find out and release all the amount or atleast some percentage to the taxable level.  If some 50% amount comes to account our country’s income level raise very high.  But present government are not able to bring these amount for accountable, lot of restrictions instructed by foreign banks. 

As India evolves, let us not forget the Great Financial Scams as a direct result of deficit in Governance by our corrupt Politicians and Bureaucrats. Here is the Hall of Shame and the people who were responsible with estimated amount of public money being stolen.

Recently very famous of 2G scam, Asian Games and Authors housing are involved scam in India


  1. Bofors scam (1987) Rajiv Gandhi/ O Quattarochi Rs640m
  2. Fake stamp paper scam (1991 till 2001) A K Telgi Rs430bn
  3. Securities scam (1992) Harshad Mehta Rs40bn
  4. Bihar Fodder scam (1996) Lalu Prasad Yadav/ Jagganath Mishra Rs95bn
  5. Hawala Scandal (1996) Jain Brothers Rs8.1bn
  6. Bhansali Scam (1995) Chai Roop Bhansali Rs12bn
  7. UTI Scam (2000) PS Subramanyam Rs320m
  8. SBI Mutual fund scam (2001) Ketan Parekh Rs13.5bn
  9. IPO Scam (2006) Roopalben Panchal Rs610m
  10. Satyam scam (2009) Ramalinga Raju Rs240bn
  11. Madhu Koda scam (2009) Madhu Koda Rs40bn

Under the weakest political leadership of Congress Party headed by Dr. Manomohan Singh, it looks like the party was determined to break their previous record of scams and hence they set a new all time record of siphoning money from Public in the year 2010 as detailed below,

2g Wireless Spectrum Scam – to the sacking and subsequent arrest ofTelecom Minister A Raja, Rs 1,760bn

Adarsh Housing Scam – Housing Tower in South Mumbai – Rs 250 bn – Apartments in the Adarsh Society, a dwelling reserved for war widows and veterans of the Kargil war were allocated to bureaucrats, politicians and civilians.

Commonwealth Games Scam – Congressman Suresh Kalmadi was thrown out of office of Sports Minister, accuses Delhi Chief Minister Sheila Dixit another Congress Leader together have siphoned the central treasury worth Rs 100 Bn

LIC Housing Finance scam – Officers of various public sector banks and financial institutions received bribes from the private financial services company Money Matters, which acted as anintermediary for corporate loans and other facilities from financial institutions – Rs 10 Bn

ISRO – S-band spectrum scam – Everybody from the Office of Prime Minister lied and covered up by scrapping the deal as the company involved was very weak, otherwise the potential of the spectrum being illegally sold was worth Rs 2 trillion.
Black Money in Swiss and Other Tax heavens – Rs 30,000 Crores unearthed till date, investigations are on.

This should stand as a note to younger Indians who don’t know what kind of a bad legacy they are inheriting from so called able and highly educated leaders such as Dr Manomohan Singh

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