List of scams in india

List Of Top Scams In India



July 20, 2024

  • India has experienced various scams and fraudulent activities over the years. Some notable scams in India include:
  1. Harshad Mehta Scam (1992): Also known as the securities scam, it involved stockbroker Harshad Mehta manipulating the Bombay Stock Exchange to siphon off funds from the banking system.
  2. Telgi Stamp Paper Scam (2003): Abdul Karim Telgi operated a counterfeit stamp paper racket, estimated to be worth billions of rupees.
  3. 2G Spectrum Scam (2010): This telecom scam involved irregularities in the allocation of 2G spectrum licenses, causing a significant loss to the exchequer.
  4. Commonwealth Games Scam (2010): The Commonwealth Games held in Delhi were marred by corruption allegations and cost overruns.
  5. Adarsh Housing Society Scam (2010): This scandal involved senior bureaucrats and politicians obtaining apartments meant for war widows and veterans at discounted prices.
  6. Satyam Scandal (2009): Ramalinga Raju, the chairman of Satyam Computer Services, admitted to inflating the company’s assets and profits to the tune of billions of rupees.
  7. Ketan Parekh Scam (2001): Stockbroker Ketan Parekh manipulated the stock market through circular trading and was involved in various financial irregularities.
  8. Fodder Scam (Chara Ghotala, 1996): This was a corruption scandal in Bihar involving embezzlement of funds meant for animal husbandry.
  9. Saradha Scam (2013): This was a chit fund scam in West Bengal and other eastern states where a company collected money from investors promising high returns but ultimately defrauded them.
  10. Vyapam Scam (Madhya Pradesh Professional Examination Board Scam, 2013): This scandal involved manipulation in admission and recruitment tests conducted by the Madhya Pradesh Professional Examination Board.
  11. Nirav Modi PNB Scam (2018): Jeweler Nirav Modi and his associates allegedly defrauded the Punjab National Bank of billions of rupees by obtaining loans through fraudulent means.
  12. Ponzi Schemes: India has seen numerous Ponzi schemes where fraudsters promise high returns to investors but use new investors’ money to pay earlier investors. Examples include the Saradha Group and the Sahara Group’s schemes.
  13. AgustaWestland Scam (2013): This scandal involved allegations of corruption in the procurement of AgustaWestland helicopters for the Indian Air Force.
  14. Coalgate Scam (2012): This controversy involved irregularities in the allocation of coal blocks to various companies.
  15. Chit Fund Scams: Several chit fund companies have run scams in various Indian states, promising high returns to depositors but defaulting on payments.
  • Please note that this list is not exhaustive, and there have been many other scams and fraudulent activities in India.
  • Authorities continue to work on investigating and preventing such incidents to protect the interests of the public and the country’s financial integrity.