Top 5 Scams in the History of India

1. Friday, October 1, 2021 Sign in / Join About Blog Contact Privacy Policy Disclaimer           Home Entertainment Fashion & Lifestyle News Sports Travel Trending Youth  Home Select Language  ENTERTAINMENT  5 Biggest Scams In the History Of India ENTERTAINMENT 5 Biggest Scams In the History Of India NEWS TRENDING  December 12, 2020 723  0 RECENT POSTS      Facebook Twitter Google+ Pinterest Email 8 inspirational women 2021 who are actually strong and Fearless ENTERTAINMENT September 30, 2021 10 Most Famous Star Kids with a Sensational Fashion Sense Table of Contents 1. The top scams that I will focus on would be scams posed by 2. Here are the list of 5 biggest scams in the history of India: 3. Harshad Mehta Scam 4. Nirav Modi 5. Vijay Mallya 6. Ketan Parekh 7. Satyam Scam  ENTERTAINMENT September 25, 2021 Top 10 Sensational and Stunning sexiest women in the world 2021 ENTERTAINMENT September 22, 2021 The top scams that I will focus on would be scams posed by 10 Popular Self-made Bollywood Stars who Really Empower the Industry ENTERTAINMENT There are biggest Scams in the history of India is the word which make September 18, 2021 us think that how rich India is? When we were kids, we were told by our 9 Surprising Mysterious Deaths in Bollywood which is still Unsolved parents that India was a Golden Bird before the British invaded India. They are alleged to take control of the most glorious country around the ENTERTAINMENT world around 270 years ago. How much have the Indian Financial September 15, 2021 situation has improved since then? Correct, Not much. SUBSCRIBE India has always been prey of rampant corruption and weak government norms. At the end, who is to pay the money, the Precious Taxpayers. Today, through this article, I am going to light up 5biggest scams in Name India which shook the government and the country. Email Here are the list of 5 biggest scams in the history of India: Subscribe Harshad Mehta Scam The famous stockbroker of late 1980s and early 1990, Harshad Mehta became the buzz in 2020 due to the web series released by Amazon Prime. He managed to figure out the loophole in the Governmental norms. Involved in a scam like the Bank Receipts Scam, Stamp Paper Scam and Ready forward deal scam Harshad Mehta, the Big Bull was quite a personality. He managed to take a huge amount of loans from various banks and put it up in the stock market, and then through fictitious practice, he would raise the stock prices of the specific company he is investing in. This process was running well until the stocks crashed and the loss was so huge that the total amount lost was INR 10,000 Crore which was more than the total health budget and education budget of India combined. He was arrested in 1992 and was kept in custody for 5 years for fraud. This is one of the most popular and biggest scams in the history of India. Nirav Modi How about a celeb Diamantaire who was handling famous IPL for the country? Mr Nirav Modi with his uncle Mehul Choksi scammed the renowned Private bank, Punjab National bank (PNB) and disappeared. The non-repayment cases in banks are not new but the Jeweler businessmen became an exception as the amount of loan he had managed to take from the Bank were whooping Rs. 13,500 Crore. The Bank officials accepted that the loan was issued by some of the senior management officials through violating the rules of issuing such a huge amount without a legal guarantee document. Nirav Modi used to receive the amount in the overseas bank branches through SWIFT financial communication system. This led to the taxpayers’ money to be lost in the end. Even though the fugitive is arrested in London, in the year 2019, the money is still far from retracted. Vijay Mallya Former owner of Kingfisher, Vijay Mallya was again a celebrity and a former member of Parliament took a loan from multiple (17) banks and vanished. The loan amount was over Rs. 9,000 Crore. He was accused of fraud and money laundering cases. Vijay Mallya was a businessman involved into brewery business. The business was profitable but on the bigger picture, when he thought of expanding the business, he chose Airlines. Soon after the initial days, the airlines went into breakage and he needed money to keep running. Loans were taken through various banks but led to nowhere and finally collapsed to a limit that he had to leave the country instead of the repayment of loans. He was also arrested in London but hasn’t been sent to India for further Enquiry. Kingfisher scam is also the most famous and biggest scams in the history of India. Ketan Parekh Ketan Parekh was the second person who could shake the Bombay Stock Exchange (BSE) after Harshad Mehta. He was a protégé of Harshad Mehta and knew the market in and out. There were some stocks where Ketan Parekh could extract 200% of the annual return on various stocks. He started playing the operator of the market and as the market came in control, he got involved in insider trading. And again like his teacher, he took an unguaranteed loan from banks and invested until the stock market crashed and got Ketan into trouble. He was found guilty of investing a loss of Rs. 2,000 Crore and arrested. Satyam Scam This was a scam produced by the former promoters and managers of Satyam scam, Security and Exchange Board of India. They were able to carry out fraud on a huge scale, Ramalingam Raju, his brothers and 7 others were accused of the fraud. He and his allies were arrested for the Biggest Scams in the history of India and each jailed for 7 years. The fraud was carried out by overstating the amount in the balance sheets of the various transactions in Exchange books. The total amount incurred was Rs. 14,162 Crore. The scam broke-out as Ramalingam Raju wrote confession letters to the SEBI and Stock Exchange. Here is the most trending news: read more… TAGS biggest scam in India Biggest scam in the history of India harshad mehta scam ketan parekh nirav modi satyam scam scam in India Scams in India scams in the history of India vijay mallya      Previous article Next article What are the Top 10 bene?ts of travelling? 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