Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

Nov 09, 2018, 16:36 IST
  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Nirav Modi-PNB scam: In February 2018, a massive Rs 11,400 crore fraud was unearthed in a PNB branch in Mumbai after which the Enforcement Directorate launched a nationwide raid on the offices, showrooms and workshops of billionaire diamond trader Nirav Modi. ED teams carried out simultaneous raids on Modi's offices, showrooms and diamond workshops in Mumbai, Surat (Gujarat) and New Delhi. ED officials landed at Firestar Diamond Pvt Ltd. head office in Bharat Diamond Bourse, in Bandra Kurla Complex, Modi's private office at Kohinoor City in Kurla West, his showroom and boutique in Fort in south Mumbai and a workshop in Peninsula Business Park in Lower Parel

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Mira Road call centre scam: In 2016, the police busted overnight what could possibly be the biggest impersonation call scams in India and detained over 500 people from nine call centres in Mira Road for cheating thousands, primarily foreign nationals, through the fraud. The international racket being run from a Mira Road call centre placed calls to US citizens posing as IRS (Internal Revenue Service) officials. Several of those arrested were college dropouts or unemployed youths, who stayed in the job for the handsome salary. The kingpin Sagar Thakkar alias Shaggy was arrested at the Mumbai airport in April 2017

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Saradha Group financial scandal: One of the biggest scandals to rock India, especially West Bengal the Saradha Group financial scandal was unearthed in 2013. The total amount involved was 40,000 crores, and the perpetrators were Kunal Ghosh, Sudipto Sen, Madan Mitra and many more. The scandal came about after the collapse of a Ponzi scheme being run by the Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly known as chit funds. As a result of this scam, Rajya Sabha MP Kunal Ghosh (All India Trinamool Congress), the Odisha MP Ramchandra Hansda (Biju Janata Dal) MLA Pravat Tripathy (Biju Janata Dal), former Odisha MLAs Subarna Naik (Biju Janata Dal), Hitesh Kumar Bagarti (Bharatiya Janata Party) and All India Trinamool Congress MLA Madan Mitra were also arrested in relation to this case

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Satyam scam: The 'Satyam Computer Services, scandal was a corporate scandal dealing with the company Satyam Computer Services in 2009. Premier investigating agency CBI was ordered to probe the accounting fraud in Satyam Computer, whose founder Ramalinga Raju had disclosed cooking books over 40 days ago. The fraud involved Rs 14,000 crore. The CBI investigated the case and Raju, along with 10 other members faced imprisonment

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Coal Allocation Scam (Coalgate): Coal allocation scam also known as Coalgate is a major political scandal concerning the Indian government's allocation of the nation's coal deposits to public sector enterprise (PSEs) and private companies. A total of 70 coal mines or blocks were allocated between 1993 and 2005, 53 in 2006, 52 in 2007, 24 in 2008, 16 in 2009 and 1 in 2010. In all, 216 blocks were given between 1993 and 2010. Of these, 24 were taken away at different points in time, effectively leaving the total number of coal permits at 194. In 2014, the Supreme Court ruled that coal blocks allocated by the government between 1993 and 2010 were illegal

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Adarsh scam: Mumbai's Adarsh housing society scam rocked Maharashtra and forced the then Maharashtra state chief minister Ashok Chavan to resign in 2010. The infamous Adarsh housing society was constructed in Colaba for war heroes and war widows. But top Army officials allegedly colluded with politicians and bureaucrats to break rules and allot flats to themselves at below market rates. The scam had kicked up a huge political storm, and was highlighted by the BJP in the 2014 Lok Sabha polls

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Uttar Pradesh food grain scam: Uttar Pradesh food grain scam took place between years 2002 and 2010. the Uttar Pradesh government admitted that a scam worth 30 crores, in which foodgrain meant for the poor, under the Public Distribution Scheme (PDS) was being diverted to the open market by ration shop owners and officials. Mulayam Singh Yadav and Mayawati were eventually held responsible. On November 3, 2008, when the CBI took up the nine FIRs lodged in Ballia and Lakhimpur Kheri, it found that a total of 175 persons listed as accused including 18 officers of the state civil services cadre

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Common Wealth Games Scam: Suresh Kalamadi, Sheila Dikshit were held responsible in this scam that was unearthed in 2010. It was estimated that of the 70,000 crores that were to be spent on the games, only half was spent while the rest was amassed. The Central Vigilance Commission had found discrepancies in the in tenders relating to the payment of funds to non-existent parties, willful delay in the execution of contracts, over inflated prices and faults in the purchase of equipment, which pointed to misappropriation of funds. In January 2018, The Enforcement Directorate (ED) has attached a construction firm's assets worth Rs 11.28 crore in connection with its money laundering probe

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    2G scam: One of the most well-known scams in the recent past the 2G scam was unearthed in 2008, and involved 176,000crores. The accused would auction the communication bandwidth for lower than market value and the people accused were Nira Radia, A. Raja, M. K. Kanimozhi. Both have been charged and imprisoned and have been in Tihar jail for 15 months and 5 months respectively.

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Fodder Scam: The fodder scam unearthed in 1996 involved the embezzlement of about 9.4 billion (equivalent to Rs 34 billion or US$520 million in 2016) from the government treasury in Bihar. Those implicated were Chief Minister of Bihar, Lalu Prasad Yadav and former Chief Minister, Jagannath Mishra. This event ended the reign of Lalu Prasad Yadav as the Chief Minister. On September 2013, Lalu Prasad Yadav was convicted in four cases of the multi-crore rupees fodder scam. The cases relate to illegal withdrawal of money from government treasuries in different districts for the animal husbandry department in undivided Bihar in the 1990s

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Stamp paper scam: A 200 billion (US$3.1 billion) stamp paper scam was head by Abdul Karim Telgi who was jailed for 30 years for his crimes. It is alleged that between 1993 and 2002, Abdul Karim Telgi appointed 350 people as agents who sold the fakes to bulk purchasers, including banks, insurance companies, and stock brokerage firms. An aspect of the scam that grabbed headlines was that it required the involvement of a number of police officers and government officials. In 2006 Abdul Karim Telgi and many others were sentenced to 30 years of rigorous imprisonment. The Income Tax Department requested that Telgi's property be confiscated to pay the fine. Abdul Karim Telgi died on October 23, 2017 of multiple organ failure

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Kargil coffin scam: After the Kargil war in 1999, there were allegations that there was corruption in the purchase of coffins for the martyred soldiers by the BJP-led Government Of India. The government had lost 1,87,000 dollars in the entire scam. The CBI filed charges against several Army officers in 2009, but later found no evidence of corruption.

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Ice cream parlour sex scandal: This is one of the longest-running scandals in Kerala, South India that first grabbed headlines in 1997. The sex scandal was infamously known as "Ice Cream Parlour sex case" following a complaint by a Kozhikode-based NGO, Anweshi that an ice cream parlour was being run as a brothel and a number of girls were being sexually exploited there by high and mighty ones. The names of several politicians, judicial officers, and other VIPs figured in the scam. It was further revealed that a number of politicians were the owner of this brothel, fueling accusations that investigations in this matter have been stalled due to the involvement of several ministers

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    Harshad Shantilal Mehta was an Indian stockbroker who grabbed headlines for the notorious BSE security scam of 1992. Harshad Mehta, along with his associates was accused of manipulating the rise in the Bombay Stock Exchange (BSE) in 1992 by taking advantage of the many loopholes in the banking system. Mehta and co. drained off funds from inter-bank transactions. They bought huge amounts of shares at a premium causing the Sensex to rise dramatically. Harshad Mehta died on December 31, 2001. In 2017, a special court convicted four bank officers for criminal breach of trust and falsifications of accounts in a 25-year-old multi-crore securities scam cases

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  • Nirav Modi's PNB fraud to Telgi's stamp paper scam: 15 scams that shook India

    After Harshad Mehta, Ketan Parekh scam rocked the Bombay Stock Exchange from 1998-2001. A confidential report by the Intelligence Bureau revealed that banned stockbroker Ketan Parekh masterminded a bull run playing with the stocks of major realty companies. Parekh and his associates cornered shares of several realty companies and then offloaded the stock to fund managers in the market. Ketan Parekh, an accused in several cases of stock market manipulation, was convicted by a special CBI court in Mumbai in 2014 for cheating and sentenced to two years rigorous imprisonment

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About The Gallery

From stamp paper scam to fodder scam to the very recent Nirav Modi-Punjab National Bank scam, India has time and again witnessed money swindles in huge proportions. We look at 15 top scams that shook the country

 

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