India's top corruption scams and controversial deals

Click to edit Master subtitle style India has been rocked by a series of scamsboth small and big with the latest being the Coalgate, which has led to furor in the Parliament. Here is a compilation of the 15 big ones. Found@Yahoo.

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Coalgate The most recent of the scams in India 2012 is the coal mining scam where the government reported a loss of Rs 185,591 crore. The CAG has accused the Indian government of giving undue benefits to companies by distributing 155 coal acres in an arbitrary manner instead of auctioning to the highest bidder during 2004-2009.

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Tatra Bharat Earth Movers Ltd in collaboration with Tatra Vectra Motors had produced over 7000 trucks to the Army. When General VK Singh took over as the Army Chief, he refused to authorise the purchase of trucks after he was offered a bribe. The scam was estimated at Rs 750 crore.

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Antrix Devas deal In 2011, G Madhavan Nair former ISRO chairman and three other scientists were responsible for a controversial deal between the Indian Space Research Organisations (ISRO) commercial arm Antrix Corporation and Devas Multimedia. The deal involved ISRO leasing the Sband transponders on two satellites (GSAT6 and GSAT6A) to Devas for broadcasting purposes. A CAG report found that the

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2G The illegal undercharging by government officials to various telecom companies during the allocation of 2G licenses for cell phone subscriptions gave rise to the 2G spectrum scam. According to the CAG, the scam amounts to about Rs 176,000 crore, whereas the CBI estimates it at Rs 30,984 crore.

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CWG

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The Commonwealth Games is perhaps one of Indias most well known scam. Suresh Kalmadi who was the chairman of the Organizing Committee of the Commonwealth Games was the main accused. It consisted of a number of corrupt deals involving overstated contracts. Kalmadi also handed out a Rs 141 crore contract to Swiss Timing for its timing equipment; the deal was inflated by Rs 95 crores. Less than 10 days before the games, athletes were asked to move into apartments that were shabby and dilapidated.

Fodder This scam broke out in 1996 in the town of Chaibasa when the animal husbandry department embezzled funds of around Rs 950 crore meant to purchase cattle fodder, medicines and animal husbandy equipment in Bihar. Lalu Prasad Yadav (pictured left), the chief minister of the state was forced to resign along with former chief minister, Jagannath Mishra.

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Ketan Parekh and the stockmarket

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A former stock broker from Mumbai, Ketan Parekh was involved in cicrcular trading with companies like Global Trust Bank and Madhavpura Mercantile Co-operative Bank. He was sent to jail with two others for taping off Rs.48 crore from a unit of Canara Bank in a 1992. He has been banned from trading till 2017.

Telgi and stamp paper

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Abdul Karim Telgis fake paper scam which was discovered in 2003 estimated a loss of Rs. 30, 000 crore for the country. The linchpin began to counterfeit stamp paper which led to the multi-crore scam. He sold the fake stamp parers to individuals, banks, insurance companies and share-broking firms through 300 agents.

Harshad Mehta

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Harshad Mehta, popularly called the Big Bull among traders, triggered a trend in the stock market before his scam, worth Rs. 4000 crore, was exposed in 1992. He used the funds from inter-bank transactions to buy shares at a premium across many sectors.

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Satyam Satyam Computers Chief B. Ramalinga Raju misappropriated books and inflated figures which led to a scam that suffered a loss of Rs 8000 crore.

Adarsh Housing Society The chief minister of Maharashtra in 2002, allotted land for the construction of a cooperative society for the retired personnel of the defense services, called the Adarsh Housing Society. Instead, politicians, bureaucrats and military officials got themselves flats in the society at low prices. The CBI, IT department and the ED found Sushil

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Bofors Scam

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The Bofors scam which is sometimes referred to as Indias Watergate scandal gave rise to a hullaballoo in the country pointing fingers at Rajiv Gandhi, who was the Prime Minister then, for receiving a bribe from Bofors AB, a Swedish company. The estimation of the scam amounted to Rs 64 crore. The government of India and the Bofors signed a contract in 1986 for the supply of 155mm Howitzer field guns. About a year later the Swedish radio alleged that Bofors paid kickbacks to politicians and defence officials to close the deal.

Bellary mining scam

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This mining scam in Karnataka which led to the resignation of its chief minister B S Yeddyurappa started with the allegations that Gali Karunakara Reddy and Gali Janardhana Reddy paid some money to bag contracts for their mining companyObulapuram Mining Company in Bellary. They also encroached upon forest land, underpaid royalties to the state, and mined in a larger area than permitted. Then Lokayukta of Karnataka, Justice Santosh Hegde published a report saying there was corruption and that the chief minister and his family members were found guilty of accepting bribes in the form of donations to their trusts from mining companies as well as overpricing land they sold to the companies, in exchange for issuing mining leases. The state government lost Rs 16,085 crore.

Vanishing Companies Scam

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Many companies were reported to have disappeared from Dalal Street after raising money from the public in 1998. Although P Chidambaram ordered a probe by the SEBI, his passing remarks about the market had already caused a disturbance. The SEBI probe revealed that many companies were not trading while 80 companies had managed to raise an amount of over Rs 330 crore before they went missing.

Hawala scam

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The Hawala scandal involved payments totaling Rs 1000 crore, which were allegedly received by politicians through four hawala brokers, the Jain brothers and accusations were leveled against some of the country's leading politicians like L K Advani, V C Shukla, P Shiv Shankar, Sharad Yadav, Balram Jakhar, and Madan Lal Khurana. It was alleged that terrorist outfits in Kashmir received funding by this means.