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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. 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: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </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. 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. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </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. 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. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </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. 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. <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. 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. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </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. 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. <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> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </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. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </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. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </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. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </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. 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. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </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. 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. 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. <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>

10 financial scams that shook India: A dive into deception

<ul><li><keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> enters into a longer partnership with Hansal Mehta for more web series like the Scoop.</li><li>Netflix will be engaged in the entire creative process from scripting to marketing and distribution.</li><li>Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal among others.</li></ul>After the runaway success of Scoop, a web series based on the life of a crime journalist, Netflix has announced a multi-year series partnership with filmmaker Hansal Mehta. Scoop was Mehta’s maiden series on the streaming platform which was inspired by a court case involving journalist Jigna Vora, who was accused of allegedly conspiring with gangster Chota Rajan in the murder of another prominent journalist in 2011. Taking this collaboration forward, Hansal will create multiple series for Netflix in the coming years. Scoop has been called a genre-defining series inspired by crime reporter Jigna Vora’s book ‘Behind Bars in Byculla: My Days in Prison.’ Audiences and critics alike have been captivated by the deeply layered characters and compelling storylines, hailing it as one of the most binge-worthy series of the year. Mehta is a National Award winning director instrumental in delivering many critically acclaimed films and series including Aligarh, Shahid, Citylights and Scam 1992: The Harshad Mehta Story. “As a filmmaker, the idea of creating diverse and dynamic stories constantly keeps me on my toes. What excites me about this partnership with Netflix, which is home to some of the finest talent, is the potential for my work to reach viewers across the world. As was the case with Scoop, Netflix is engaged in the creative process right from scripting, all the way to marketing and distribution which is critical for the success of any creative collaboration. This long-term partnership with them is only going to empower me to dive into a variety of undiscovered stories,” he said. Over the years, docuseries and stories based on real life scams and personalities have captured the imaging of viewers. Another such series by Netflix was Bad Boy Billionaires: India, which documents the major financial scams that rocked India. These included some very colourful personalities like liquor baron <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>, diamantaire Nirav Modi and Subrata Roy. According to Netflix, the investigative docu series explored the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons. Monika Shergill, Vice President - Content, Netflix India, said “Hansal is a master of his craft and has an eye for spotting stories that have a broad appeal and are relevant to a wide audience. Being a nuanced storyteller, he is able to tell these stories like no other. Scoop marks yet another success for our series line-up this year, and with this partnership we look forward to never before seen stories that audiences will love.” Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal and more.

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

A senior <keyword id="67881" type="General" weightage="80" keywordseo="idbi" source="Orion">IDBI</keyword> Bank official allegedly conspired with businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> for sanction and disbursement of a loan to the latter's <keyword id="6373962" type="General" weightage="80" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. <keyword id="6373968" type="General" weightage="80" keywordseo="mallya" source="Orion">Mallya</keyword> is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword>. The Central agency had recently filed a supplementary chargesheet before a special CBI court here. As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short-term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009. Along with 11 accused named in the earlier chargesheets, the CBI has added the name of Dasgupta in the supplementary chargesheet filed recently. As per the CBI, the STL was requested for six months to meet certain critical obligations to overseas vendors, including aircraft lessors and other service providers. The said loan of Rs 150 crore, as envisaged originally by Dasgupta (by proposal circulated among credit committee members) was to be adjusted/repaid from the aggregate loan of Rs 750 crore originally sought by the airlines. However, after circulation, there was a change in the proposal to show as if the credit committee had treated this as a separate loan, which may (or may not) be adjusted/recovered from the aggregate loan, as per the CBI. While the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore, it rose to Rs 900 crore in December 2009 due to this STL being kept as a separate loan largely at the behest of Dasgupta, the charge sheet said. During the course of the investigation, Letter Rogatory (LRs) had been sent to the United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country seek the assistance of courts in another nation for the administration of justice there through LRs. The chargesheet also mentioned the evidence collected during a foreign investigation from these countries. "The properties at UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (Le Grand Jardin in 2008 for Euro 35 Million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe cash crunch (2008)," the chargesheet said. Mallya was having adequate funds at his disposal between 2008 to 2016-17, but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in India, it added. The chargesheet, citing the evidence collected through LRs, said sizable amounts were transferred to Force India Formula 1 Team between 2008 to 2012. The chargesheet further said significant amounts were diverted between 2007 to 2012-13 to make payments towards the acquisition and repayment of the loan for a corporate jet used personally by Mallya. These acts on the part of Mallya clearly show he caused the diversion of funds for the corporate jet, Force India Formula One Racing Team, and other such extravagant expenses, and then wilfully defaulted on the loans availed by Kingfisher Airlines, the chargesheet stated. The aforesaid facts disclose the commission of offences like cheating and criminal conspiracy and others under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused, as per the CBI. Apart from the CBI, the Enforcement Directorate is also probing a money laundering case against Mallya. On January 5, 2019, a special court here declared Mallya a 'fugitive' under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his property. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-hike-prices-of-model-range-from-april/articleshow/98936536.cms">Maruti Suzuki to hike prices of model range from April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a>

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

Embattled liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, on Tuesday asked Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> to consider his repeated "offer to repay 100 per cent" of the amount borrowed by now defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, in this time of coronavirus pandemic. Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India. "I have made repeated offers to pay 100 per cent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis," Mallya said in a series of tweets. He further said, "Indian <keyword id="26362" type="COMPANY" weightage="20" keywordseo="Government">Government</keyword> has done what was unthinkable in locking down the entire country. We respect that. All my companies have effectively ceased operations. All manufacturing is closed as well." Mallya sought government help and said, "we are not sending employees home and paying the idle cost. Government has to help." Asking people to stay safe and maintain social distancing "which can effectively be achieved by staying home and enjoying home time with family and pets, he said, "I am doing the same. We all have a sense of bravado but it's not worth challenging an unknown enemy which isn't Pulwama or Kargil." Mallya has challenged in the UK <keyword id="6355392" type="COMPANY" weightage="20" keywordseo="High-Court">High Court</keyword> his extradition from the country. RKL DRR

Vijay Mallya appeals to Finance Minister to reconsider his repayment offer during these 'tough' times

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday issued a slew of directions for speedy disposal of criminal cases against Members of Parliament and Members of Legislative Assembly (MPs/MLAs) and asked High Courts to register a Suo Motu case for effective monitoring and speedy disposal of such cases. A bench of Chief Justice of India DY Chandrachud, Justices JB Pardiwala, and Manoj Misra said it was difficult for it to form a uniform guideline for trial courts across the country relating to speedy disposal of <keyword id="16453350" type="General" weightage="40" keywordseo="cases-against-mps" source="Orion">cases against MPs</keyword> and MLAs. The top court left it to the high courts to evolve such measures for effective monitoring of such cases. The bench directed that High Court Chief Justices shall register a suo motu case titled "In Re Designated Courts for MPs and MLAs" to monitor the early disposal of pending criminal cases against lawmakers. It directed that the suo motu case be heard by a special bench headed by the Chief Justice or a bench assigned by him or her. It was further directed that the Special Bench of the High Court may list the matter at regular intervals as felt necessary. The top court said the High Court may issue such orders and directions as necessary for expeditious and effective disposal of the cases. The bench further ordered that the Special Bench of the High Court may consider taking the assistance of the Advocate General or prosecutor to assist it. The apex court also directed that cases against MPs and MLAs that are punishable by death should be prioritised over other cases. Then cases punishable with imprisonment for five years or more will be given priority. It further said that the cases would not be adjourned by the trial court except for rare and compelling reasons. The top court said that the High Court may require a Principal District and Sessions judge to bear the responsibility of allocating the subject cases to such courts. The High Court may call upon the Principal District and Sessions judge to send reports on such intervals, it added. The concerned principal and session judge should ensure sufficient infrastructural facilities are available for the trial of such cases, as directed by the top court. The directions of the top court came on a PIL filed by advocate Ashwini Upadhyay seeking speedy disposal of criminal cases pending against MPs and MLAs. Earlier, the Enforcement Directorate (ED) filed a status report stating that there are 51 MPs and 71 MLAs, sitting and former, who stand accused by the agency of offence under the Prevention of Money Laundering Act (PMLA). The report did not specify exactly how many of those are sitting MPs or MLAs and how many are former MPs or MLAs. The Central Bureau of Investigation (CBI) had also submitted a similar report stating that a total of 121 cases are pending trial against sitting and former MPs and MLAs. The number of MPs involved in those cases is 51, out of which 14 are sitting, 37 are former and 5 are deceased. The report further stated that 112 MLAs are involved in CBI cases, out of which 34 are sitting, 78 are former and 9 are deceased. The number of cases pending investigation against MPs and MLAs by the CBI is 37, according to the report the CBI submitted. Senior advocate Vijay Hansari, who was assisting the apex court in the case as amicus curiae, had highlighted a "glaring case of inordinate delay" in the trial of cases against lawmakers, submitting that many cases were pending for over five years. The apex court had sought a status report from Hansaria relating to the pendency and grant of sanctions for prosecution, the expected time for completion of the investigation and reasons for delay in the same. Hansaria had sought directions to ensure that courts dealing with cases against lawmakers should exclusively try such issues. The plea sought speedy disposal of cases against them and pointed out that while judges and babus were suspended for such activities, politicians were condoned by the law. As of now, convicted politicians have been banned from the polls for six years.

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10 financial scams that shook India: A dive into deception

Ashmita Gupta

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

BI India Bureau

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

PTI

Vijay Mallya appeals to Finance Minister to reconsider his repayment offer during these 'tough' times

PTI

SC issues directions to HCs for speedy disposal of criminal cases against MPs, MLAs

ANI

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