1. Indian Coal
Allocation Scam – 2012 – 1,86,000 Crore
While many think that 2G scam remains the biggest one in size in
India. But this coal allocation scam dwarfs it by the amount involved. This
scam is in regards to Indian Government’s allocation of nation’s coal deposit
to PSU’s and private companies. The scam happened under Manmohan Singh
government and came out in 2012.
The basic premise of this scam was that wrongful allocation of
Coal deposits by Government without resorting to competitive bidding, which
would have made huge amounts to the Government (to tune of 1.86 Lakh crore).
However, the coal deposits were allocated arbitrarily.
2. 2G Spectrum
Scam – 2008 – 1,76,000 Crore
We have had a number of scams in India; but none bigger than the
scam involving the process of allocating unified access service licenses. At
the heart of this Rs.1.76-lakh crore worth of scam is the former Telecom
minister A Raja – who according to the CAG, has evaded norms at every level as
he carried out the dubious 2G license awards in 2008 at a throw-away price
which were pegged at 2001 prices.
In some respects, this remains the biggest scam in India if you
consider the inflation. The 2G spectrum allocation happened 5 years earlier
than Coal Scam which came out in 2012.
The cases are still going on against many people including A.
Raja, M. K. Kanimozhi and many telecommunication companies as well.
3. Wakf Board
Land Scam – 2012 – 1.50,000 Crore
In March of 2012, Anwar Maniapddy, the chairman of Karnataka
State Minorities Commission submitted a sensational report which alleged 27,000
acres of land, which was controlled by Karnataka Wakf Board had been allocated
illegally or misappropriated. The value of land which was misappropriated was
in tune of 1.5 to 2 lakh crore rupees.
The land managed by Wakf board, a Muslim charitable trust, is
typically donated to under-privileged and poor people of Muslim community.
However, the report alleged that nearly 50 percent of the land owned by Wakf
board was misappropriated by Politicians and Board members in conjunction with
real estate mafia at fraction of actual land cost.
The investigations for this are currently ongoing.
4. Commonwealth
Games Scam – 2010 – 70,000 Crore
Another feather in the cap of Indian scandal list is Commonwealth
Games loot. Yes, literally a loot! Even before the long awaited
sporting bonanza could see the day of light, the grand event was soaked in the
allegations of corruption.
It is estimated that out of Rs. 70000 crore spent on the Games,
only half the said amount was spent on Indian sportspersons. The Central
Vigilance Commission, involved in probing the alleged corruption in various
Commonwealth Games-related projects, has found discrepancies in tenders – like
payment to non-existent parties, will-ful delays in execution of contracts,
over-inflated price and bungling in purchase of equipment through tendering –
and misappropriation of funds.
5. Telgi Scam – 2002 – 20,000 Crore
As they say, every scam must have something unique in it to make
money out of it in an unscrupulous manner- and Telgi
scam had all the
suspense and drama that the scandal needed to thrive and be busted. Abdul Karim Telgi had mastered the art of forgery in
printing duplicate stamp papers and sold them to banks and other institutions.
The tentacles of the fake stamp and stamp paper case had penetrated 12 states
and was estimated at a whooping Rs. 20000 crore plus. The Telgi clearly had a
lot of support from government departments that were responsible for the production
and sale of high security stamps.
6. Satyam Scam – 2009 – 14,000 Crore
The scam at Satyam
Computer Services is
something that will shatter the peace and tranquility of Indian investors and
shareholder community beyond repair. Satyam is the biggest fraud in the
corporate history to the tune of Rs. 14000 crore.
The company’s disgraced former chairman Ramalinga Raju kept
everyone in the dark for a decade by fudging the books of accounts for several
years and inflating revenues and profit figures of Satyam. Finally, the company
was taken over by the Tech Mahindra which has done wonderfully well to revive
the brand Satyam.
7. Bofors Scam – 1980s & 90s – 100 to 200 Crore
The Bofors scandal is known as the hallmark of Indian
corruption. The Bofors scam was a major corruption scandal in India in the
1980s; when the then PM Rajiv Gandhi and several others including a powerful
NRI family named the Hindujas, were accused of receiving kickbacks from Bofors
AB for winning a bid to supply India’s 155 mm field howitzer.
The Swedish State Radio had broadcast a startling report about
an undercover operation carried out by Bofors, Sweden’s biggest arms
manufacturer, whereby $16 million were allegedly paid to members of PM Rajiv
Gandhi’s Congress.
Most of all, the Bofors scam had a strong emotional appeal
because it was a scam related to the defense services and India’s security
interests.
8. The Fodder
Scam – 1990s – 1,000 Crore
If you haven’t heard of Bihar’s fodder scam of 1996, you might
still be able to recognize it by the name of “Chara Ghotala,” as
it is popularly known in the vernacular language. In this corruption scandal
worth Rs.900 crore, an unholy nexus was traced involved in fabrication of “vast
herds of fictitious livestock” for which fodder, medicine and animal husbandry
equipment was supposedly procured.
9. The Hawala
Scandal – 1990-91 – 100 Crore
The Hawala
case to the tune of
$18 million bribery scandal, which came in the open in 1996, involved payments
allegedly received by country’s leading politicians through hawala brokers.
From the list of those accused also included Lal Krishna Advani who was then
the Leader of Opposition.
Thus, for the first time in Indian politics, it gave a feeling
of open loot all around the public, involving all the major political players
being accused of having accepted bribes and also alleged connections about
payments being channeled to Hizbul Mujahedeen militants in Kashmir.
