India's 5 biggest scams
This has been by far one of the biggest scams in the history of India. This scam involves the process of allotting unified access service license.
The main culprit according to CAG is the former telecom minister A. Raja. It is believed that this scam is worth Rs. 1.76 lac crores! In the year 2008 he gave away 2G licences at nominal prices of the year 2001 to many telecom companies.
Commonwealth Games Scam
Another shameful scam of Common Wealth Games has let the country’s face drop down with shame. Before the much awaited games could take place on the ground of the Indian capital, New Delhi, it got itself messed into a big corruption game.
It was believed that a whooping Rs 70000 crore was spent on CWG and to the shame, only half of it had actually been spent for the purpose. There were many loopholes like, non payment to parties whom tenders were allotted, delays in allotting contracts, estimation of more money than what was actually used and many such more shameful deeds.
This scam had all what it takes to blow up to become one of the most sensational scams ever. The main culprit of the scam, Abdul Karim Telgi had done what no one ever thought of. He was involved in the printing of duplicate stamp papers which was eventually sold by him to banks and other institutions.
This whole scam was estimated worth more than Rs 20000 crores. Shamefully Telgi was supported by many government departments.
This is supposed to be the biggest scam in the corporate world till date. The shareholders and investors of Satyam Computer Services lost all hopes after this scam. Ramalinga Raju, the chairman of the company had fiddled with the accounts and revenue figures for years making the scam reach up to Rs 14000 crores.
This scam is not limited to the present but dates back to 1980s. The former Prime Minister Rajiv
Gandhi, the Hindujas and a few others were accused by Bofors AB, Sweden’s arms manufacturing giant, for being paid $16 million to the Indian political party Congress for winning the bid for supplying 155mm field howitzer.