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<br /> Within seven months of taking office as the <keyword id="130" type="POSITION" weightage="100" keywordseo="Governor">Governor</keyword> of Kerala, <keyword id="5267" type="PERSON" weightage="100" keywordseo="Sheila-Dikshit">Sheila Dikshit</keyword> has put in her papers. She resigned a day after meeting Home Minister <keyword id="6355121" type="PERSON" weightage="80" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> and President <keyword id="6359124" type="PERSON" weightage="80" keywordseo="Pranab-Mukherjee">Pranab Mukherjee</keyword> in Delhi.<br />
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Her resignation comes after a long-drawn resistance against the Centre’s move to replace the governors appointed during UPA regime.<br />
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As per reports, Dikshit will now be back to Delhi to prepare for the prospective Assembly elections in the state.<br />
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An FIR is already lodged against the former Delhi chief minister in a streetlight scheme scam that took place prior to the 2010 Commonwealth Games. The FIR was lodged under the Prevention of Corruption Act.<br />
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The complaint alleges Dikshit and her ex-Cabinet colleague Rajkumar Chauhan made “illegal gains” for themselves and caused a loss of Rs 31.07 crore to the exchequer.<br />
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The complaint accuses her of “displaying an unusual interest in the project and favouring a company which was earlier declared ineligible for the project.”<br />
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“…It appears that there was clear collusion with vendors by some officials and the then chief minister/ministers to cause a huge financial loss to the government and wrongful gain to the vendors/contractors and others,” the complaint said. The police would now be free to take action against her as she has lost the immunity that she enjoyed as the Governor.<br />

Kerala Governor Sheila Dikshit Resigns, May Face Action In CWG Scam

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage.<br /><br />From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history:<br /><h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore<br /></h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets.<br /><br />Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market.<br /><h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore<br /></h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront.<br /><br />Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms.<br /><h2>Punjab National Bank Scam (2018) – ₹13,700 Crore<br /></h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector.<br /><br />Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions.<br /><h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case.<br /><br />Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition.<br /><h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore<br /></h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case.<br /><br />While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes.<br />  <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div><br /><h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore<br /></h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout.<br /><br />Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences.<br /><br /><h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore<br /></h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India.<br /><br />While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources.<br /><br /><h2>DHFL Scam (2019) – ₹34,615 Crore<br /></h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG.<br /><br />The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened.<br /><br /><h2>Yes Bank Crisis (2020) – ₹3,788 Crore<br /></h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management.<br /><br />As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously.<br /><h2>Commonwealth Games Scam (2010) – ₹70,000 Crore<br /></h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage.<br /><br />Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning.<br /><br />These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud.<br />  <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div><br />

10 financial scams that shook India: A dive into deception

The <keyword id="81545" type="ORGANIZATION" weightage="20" keywordseo="public-accounts-committee">Public Accounts Committee</keyword> (PAC), which is looking into 2010 Commonwealth Games scam, said former Prime Minister <keyword id="6359397" type="PERSON" weightage="100" keywordseo="Manmohan-Singh">Manmohan Singh</keyword>’s office passed the buck while selecting Congress leader <keyword id="6545061" type="PERSON" weightage="20" keywordseo="Suresh-Kalmadi">Suresh Kalmadi</keyword> as head of the organising committee.<br />
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The PAC said Singh’s office did not fulfil its responsibilities, dismissing the then PMO’s specious argument of non-circulation of minutes of the meeting of a group of ministers on January 14, 2005.<br />
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"When it comes to directions of the PM (Manmohan Singh) pertaining to projects of utmost national importance, the PMO instead of shifting responsibilities, should have ensured effective follow up. The PMO's submission that reasons can be best explained by the sports ministry is evasive at best," the report said.<br />
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The PAC also asked the CBI to take up de novo (afresh) investigation into cases of alleged corruption that were closed by the agency.

PAC says Manmohan Singh's Office shifted responsibilities, passed buck on CWG scams

NEW DELHI: <keyword id="6354944" type="ORGANIZATION" weightage="40" keywordseo="Aam-Aadmi-Party">Aam Aadmi Party</keyword>’s expelled MLA Vinod Kumar Binny on Sunday produced the most potent threat yet to the month-old <keyword id="6495972" type="UNKNOWN" weightage="80" keywordseo="Kejriwal-government">Kejriwal government</keyword>, when he teamed up with two legislators and said they would withdraw support if the regime did not fulfill its promises in the next 48 hours on slashing power and water bills, women’s security and a fair probe into the 2010 Commonwealth Games scams.<br />
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The rebel Laxmi Nagar MLA shared the podium with veteran Janata Dal (United) MLA Shoaib Iqbal and Independent Rambeer Shokeen, both of whom had voted for the government in the assembly.<br />
<br /> <keyword id="6356115" type="CITY" weightage="80" keywordseo="AAP">AAP</keyword> has 27 MLAs after Binny’s expulsion and runs the government with outside support from eight <keyword id="1575" type="ORGANIZATION" weightage="40" keywordseo="Congress">Congress</keyword> legislators. If the trio were to vote against the government, it faces the prospect of slipping below the majority mark of 36 in the 70-member House. Binny also claimed to have the support of other two MLAs.<br />
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Iqbal, who in past had expressed a desire to join AAP, claimed that the party was losing popularity. "People are no more with the AAP government as it has completely failed to deliver its promises," he said, hinting that he may form a new party. The rebels, when asked to identify the other dissidents, said they would hold another press conference on Monday to announce the names.<br />
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"We are not interested in bringing down the government. But we want the government to fulfill its promises. We are giving them 48 hours to deliver. The next course of action will be decided later," he said. Binny had earlier accused AAP of deviating from its poll promises, triggering an ugly bickering in the party. He was sacked earlier this month.<br />
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In the list of Binny’s demands were a reversal of the hike in surcharge on power, making water consumption up to 700 litres a day free without any riders, a probe into the Commonwealth Games and effective measures for women’s security.<br />
<br /> After coming to power, AAP had said water up to 20 kilolitre water per month (approximately 666 litres per day) will be free for consumers with functional meters. The government also slashed electricity tariffs by 50% for households that consumed up to 400 units a month. The <keyword id="6379315" type="ORGANIZATION" weightage="40" keywordseo="Delhi-Electricity-Regulatory-Commission">Delhi Electricity Regulatory Commission</keyword> last Friday approved a hike in the power purchase cost adjustment surcharge, as sought by the city’s private distribution companies.<br />
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You Searched For "Commonwealth Games scam" and got 4 results

Kerala Governor Sheila Dikshit Resigns, May Face Action In CWG Scam

Manish Kumar

10 financial scams that shook India: A dive into deception

Ashmita Gupta

PAC says Manmohan Singh's Office shifted responsibilities, passed buck on CWG scams

BI India Bureau

3 MLAs Threatens To Pull The Plug On Kejriwal Govt

Times Of India

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