India has witnessed several major frauds over the years, each leaving a significant impact on the economy and public trust. Here’s a look at the top 10 frauds that have shocked the nation:
- Satyam Scam (2009): Dubbed as the “Enron of India,” this corporate fraud involved the manipulation of the company’s accounts to the tune of ₹7,136 crores.
- 2G Spectrum Scam (2010): A high-profile scandal where telecom licenses were allocated at undervalued prices, causing a loss of approximately ₹1.76 lakh crore to the government.
- Commonwealth Games Scam (2010): Misappropriation of funds allocated for the 2010 Commonwealth Games, with losses estimated at ₹70,000 crore.
- PNB Scam (2018): One of the largest banking frauds in India, where diamond merchants Nirav Modi and Mehul Choksi allegedly swindled Punjab National Bank of ₹13,000 crore through fraudulent letters of undertaking.
- Saradha Chit Fund Scam (2013): A massive Ponzi scheme that duped investors of over ₹2,500 crore in West Bengal and surrounding states.
- Vijay Mallya Loan Default (2016): The businessman defaulted on loans amounting to ₹9,000 crore taken from various banks, leading to his fleeing the country.
- Rotomac Pen Scam (2018): Another major banking fraud where the owner of Rotomac allegedly cheated a consortium of banks of ₹3,695 crore.
- Harshad Mehta Scam (1992): A stock market manipulation scheme where Harshad Mehta defrauded banks of over ₹4,000 crore, leading to a major market crash.
- NSEL Scam (2013): A commodities exchange fraud where investors were duped of ₹5,600 crore through a ponzi-like scheme involving fake warehouse receipts.
- ICICI Bank-Videocon Loan Scandal (2018): A loan controversy involving ICICI Bank’s CEO Chanda Kochhar, where loans worth ₹3,250 crore were allegedly sanctioned to Videocon in exchange for personal gains.
