Scams that shamed India: 5 biggest scams in Indian history

first_imgWhat is a scam? It is a dishonest scheme or fraud in which a person or a group is tricked. In the recent past, India has been tricked by people in charge of the system or someone with whom the power lays. One of the biggest scams and only scam to have attracted the attention of international media was the CWG scam which included several issues such as child labour, misappropriation of funds, payment to non-existent parties among others.We have collected a list of top 5 scams that have caused a certain degree of damage to the country. Read on:CWG Scam”India faced several socio-economic challenges and to instead spend on a grand sporting spectacle sounds like we [India] have got our priorities wrong.” – Azim PremjiThe CWG scam is perhaps the only Indian scam which attracted the attention of international media. Concern and controversy emerged before the 12-day sports event, 2010 Commonwealth Games, as it was estimated that India lost nearly Rs 35,000 crore while one in three Indians live below the poverty line. Apart from proving irrelevant to the common man, the Games, according to the Indian investigative agencies, found several other issues including corruption by the Games’ officials, preparation delay in the construction of the Games’ venues, possibility of terrorist attacks, labour law violation, child labour, misappropriation of funds, payment to non-existent parties among others.Fodder ScamPopularly known as ‘Chara Ghotala’ and also the ‘mother of all scams’, the Fodder scam was worth Rs 900 crore and for this, Lalu Prasad Yadav and Jagannath Mishra were disqualified from parliament for corruption. The scam came to light in the year 1996 when animal husbandry department found corruption in the funds meant to purchase cattle fodder, medicines and animal farming equipment. By 2013, nearly 500 accused were convicted.advertisementSatyam Scam”It was like riding a tiger, not knowing how to get off without being eaten.” – Ramalinga RajuThe biggest corporate scam involved fraudulent auditing practices allegedly in support with auditors and chartered accountants. The company, Satyam Computer Services Ltd, lied about its financial health by grossly inflating its account to stakeholders, board, regulators etc. As per the reports, the raised cash was used to purchase thousands of acres of land across Andhra Pradesh. Raju also admitted to have inflated the actual amount by showing 300 crore more than the actual amount.2G Spectrum ScamThe telecommunication scam involved the politicians and officials undercharging telephone companies for frequency allocation licences which was then used to create 2G spectrum subscription. There was a huge difference between the money collected and the money directed to be collected. The loss was estimated to be Rs 309845.5 million. In 2012, the Supreme Court of India cancelled all the 122 licences issued under A. Raja. The Comptroller and Auditor General of India (CAG) audit also revealed that the licence were also issued to the ineligible corporations, those with no experience in the telecom sector.Coal Allocation Scam (Coalgate)Popularly referred to as ‘Coalgate’ in the media, the political scam consumed the governance of the UPA government in the year 2012. The scam came to light when CAG revealed that the then governing body had allocated 216 coal blocks to public and private enterprises illegally between 1993 to 2006. The coal blocks were not in the production plan of coal by Coal India Ltd. A total of 70 coal mines were allocated between 1993 and 2005: 53 in 2006, 52 in 2007, 24 in 2008, 16 in 2009 and one in 2010.Interested in General Knowledge and Current Affairs? Click here to stay informed and know what is happening around the world with our G.K. and Current Affairs section.To get more updates on Current Affairs, send in your query by mail to [email protected]last_img read more