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Top Scams in India

Accused Gentleman Scam Name Description Year Estimated Amount
A. Raja 2G spectrum scam Irregularities in allotting Wireless Radio Spectrum to ineligible Private operators by Telecom Ministry. License was given at a very low price, resulting in Huge National Loss 2007 – Exposed 2010 Rs. 1.76 Lakh Crore ( Rs. 176000000000)
Suresh Kalmadi CWG Scam (Common Wealth Game) Only half of the Amount allocated for the Prestigious CWG was spent for the preparation of the Tournament. 2010 Half of Rs. 7000 Crore
Ramalinga Raju Satyam Scam Declaration of Fictitious Assets. 2008 Rs. 8000 Crore
Harshad Mehta, Ketan Parekh Harshad Mehta Scam Found loopholes in Banking System and caused a scam in Share market 1991-1992 Rs. 5000 Crore
Hindujas, Quatrochi (an Itialian Businessman) Bofors Scam Purchasing Bofors howitzer at more than Actual Price 1987-1988 Rs. 40 Crore
Abdul Karim Telgi Telgi Scam Printing Duplicate Stamp Papers. 1194-95 Rs. 500 Crore
Bihar Ministry Fodder Scam or Chaara Ghotala Its a corruption scandal that involved the alleged embezzlement of about Indian Rs. 950 Crore (US$211.85 million) from the government treasury of the eastern Indian state of Bihar. 1996 Rs. 950 Crore
Jain Brothers Hawala Kaand The Hawala scandal or hawala scam was an Indian political scandal involving payments allegedly received by politicians through hawala brokers, the Jain brothers. It was a US$18 million bribery scandal that implicated some of the country’s leading politicians. 1997-1998 $ 18 Million

 

Although the value of Money increases over time, meaning, that Rs. 40 Crore in 1988 does mean a lot more in 2011, still we are just calculating the Sum. And the total Amount Comes out to be Rs. 197590 Crore =

Around Rs. 2Lakh Crore

Although 2G scam is considered to be the father of all scams, we can point out several many scams of More than Rs. 100 Crore.

Disclaimer: We, hereby, declare that above data is taken from various internet sources like http://www.siliconindia.com/shownews/Top_10_business_scams_in_India-nid-88054.html, http://www.rediff.com/business/slide-show/slide-show-1-the-biggest-scams-in-india/20101230.htm, Wikipedia etc and do not, in case condition whatsoever, claim the authenticity about the figures.

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