Fwd: India's biggest scams

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Prasad Lele

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Jan 12, 2011, 7:07:14 AM1/12/11

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India's biggest scams;

As more and more sxcams are coming into light, many people and organisations are trying to figurre out how much money is involved in scams since independence. So far the estimate varies from 73 Lakh crores to one crore crore rupees.

In one article Republic Of Scams, the amount of scams since 1992 was estimated to be

Rs. 73000000000000 Cr. (73 Lakh Crore).

Sh. Satish’s view is that this estimated amount of scams is very less.

From: satish gupta <prgs...@yahoo.com>

Allow me to say that by your under-noted a few details of our GREAT INDIAN SCAM MASTERS , YOU ARE DOING GREAT UN-JUSTICE TO THEM AS YOU HAVE SO MEANLY DOWN - GRADED THE AMOUNTS THEY HAVE SWINDLED SINCE 1947, THOUGH THIS PROCESS HAD COMMENCED MUCH EARLIER WHEN , SPECIALLY JUST BEFORE OUR "GREAT AZADI OF DIVIDED INDIA ", BY GIVING AWAY THOUSANDS OF HECTACRES OF LAND ALL OVER INDIA BY THE DEPARTING BRITISH MASTERS to their Dhobies, Mochies, Khansamas, Butlers, Gardeners, Sweepers, Drivers etc who or their breed are now ruling over us, & BILLIONS WORTH OF OUR LAHORE WHICH HAD MAJORITY HINDUS WAS GIVEN AWAY TO PAKISTAN JUST ON THE EVE OF OUR INDEPENDENCE DAY, THAT IS, AT AROUND FIVE P.M. ON 14TH AUGUST, 1947 BY OUR "MOST WORTHY & HONEST PRIME MINISTER." (Sir, it is all in Govt. of India's official record, available at "Teen Moorty House "of Nehru, now converted into a library.)

Further, the amount shown & a few details of major scams you have compiled , are certainly incomplete & highly inaccurate, bringing Very Bad name to our Great Scamsters as the amounts of scams, one after the other, is many - many times more, though proofs are still to be traced by some really HONEST PERSONS, willing to go down to gallows or willing to be shot down by our most capable police as" Killed in police encounter ".

You have also completely forgotten our great Finance Ministers since the days of our very First Finance Minister, Hon. Mr JOHN MATHAI, FOLLOWED BY C D DESHMUKH to which a list of our worthy Defence Ministers be added in particular.

In MUNDHRA - SCAM YOU HAVE MENTIONED JUST A FRAUD OF RS. 1.25 CRORES , WHEREAS , "BLITZ" OF KARANJIA HAD CARRIED A FRONT PAGE NEWS & A PROMINENT HOARDING AT FOUNTAIN , SAYING:" TTK'S TITANIC TITANIUM ..... FOR RS. 600 CRORE " (TODAY'S RS.600,000 CRORES, IF NOT MORE ).

SIMILARLY, YOU ARE MENTIONING ABOUT RS. 64 CRORES ONLY AGAINST BOFORS SCANDAL (WHERE AS THE AMOUNT IS STATED TO BE TO THE TUNE OF OVER RS.500 CRORES IN THE NEWS PAPERS OF THOSE DAYS , CONVENIENTLY FORGETTING THREE HDW SUBMARINES FOR RS. 850 CRORES DEAL FROM GERMANY BY THE SAME SET OF PEOPLE SIMULTANEOUSLY , making it as a very small scam ).

I AM NOT WANTING TO OFFEND OUR GREAT SCAMESTERS , I AM ALSO NOT MENTIONING ALL THE FLAWS OF YOUR CALCULATIONS , BUT, ALLOW ME JUST TO SAY 2-3 THINGS MORE , SO THAT OUR THOSE SCAM MASTERS MAY NOT BE AFTER YOUR BLOOD TO HAVE MADE THEM SO SMALL PLAYERS IN THE GAME OF SCAMS AFTER SCAMS :

1. THE TOTAL AMOUNT OF SCAMS IS CERTAINLY NOT JUST 73,000 CRORES , MIN. BE 100 TIMES OR MUCH MORE.

2. OUR GREAT SUKHRAM'S TELECOM SCAM FOR A MEAGRE SUM ONLY, POOR FELLOW WILL CURSE YOU AS INVESTIGATING AUTHORITIES HAD FOUND RS.FOUR CRORES SCATTERED IN HIS HOUSE, A SMALL TIP IN THAT HUGE OCEAN . AGAIN IN THE IMPORT OF SUGAR IN 1989, WHEN HE WAS CIVIL SUPPLIES MINISTER, HE HAD IMPORTED GRAND TWO MILLION TONS OF SUGAR @ a MISERLY INFLATED PRICE OF @ USD 150/- PER MT, TOTALLING TO US DOLLARS 300 MILLION IN ONE GO ON ONE COMMODITY ALONE. ( but U have ignored this great fellow's performance in 1989 & jumped to Kalpnath Rai's case of 1994 !

3. IN TELGI STAMP PAPER SCAM , YOU ARE MAKING MR TELGI & HON MINISTER ALSO VERY SMALL BY MENTIONING THAT THE TOTAL SCAM WAS JUST FOR RS 172 CRORES, WHEREAS THE INDIAN NEWS PAPERS IN THOSE DAYS WERE FULL OF A SCAM EXCEEDING RS. 30,000 CRORES.

MY HUMBLE REQUEST TO scam calculators, NOT TO BELITTLE OUR GREAT SCAMSTERS ELSE ALL THE CASINOS AS IN LAS VEGAS & MACAU ETC WILL HAVE TO DOWN THEIR SHUTTERS SOON.

S C Gupta., Mumbai. Cell Phone : 91 - 982 05 876 09.

Illicit Financial Flows from India: 1948-2008
http://india.gfip.org/
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India's biggest scams; worth over Rs 80 lakh crore!

December 30, 2010

With so many scams and scandals hitting the headlines during 2010, virtually pushing other national issues to the background, an effort has been made by some public spirited citizens to compile a list of past and present scams to put the present bunch of scams -- 2G, CWG, IPL, etc -- in perspective.

According to the compilation, the total amount of money involved in various scams over the last 12 years alone, since 1992, is estimated to be over Rs 80 lakh crore (Rs 80 trillion) or $1.80 trillion!

While this figure is not claimed to be a definitive calculation, it has been arrived at on the basis of material published in newspapers over the years.

Here is a check-list of some of the major corruption scandals and corporate frauds that hit the headlines and the estimated amounts alleged to have been involved.

(Inputs: Renu Mittal and Rediff Business Desk)

2G spectrum scam: Rs 176,000 crore At a mind-boggling Rs 176,000 crore (Rs 1.76 trillion), the 2G spectrum allocation scam is by far the biggest scam in India. The Supreme Court recently said the spectrum scam has put 'all other scams to shame'.

The incident saw former telecom minister A Raja being forced to resign after the CAG indicted him in the 2G spectrum scam that resulted in a loss of about Rs 176,000 crore to the national exchequer.

Even as investigations in to the scam -- which has now become a political hot potato with the Opposition gunning for the government, demanding a JPC and the ruling UPA adamant on not giving in -- are on, it has come to light that politicians, corporate lobbyists, business houses and even the media might have played a big role in it.

The scandal revolves around the alleged irregularities in allotting wireless radio spectrum and licences by the telecom ministry to private operators -- some of whom were ineligible -- in 2007. Licences were given and spectrum allocation was done at an extremely low price leading to a gargantuan loss to the national coffers.

Ramalinga Raju: Rs 8,000 crore

The biggest corporate scam in India came from one of the best known businessmen.

Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books.

His efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed, after which he decided to confess the crime.

With a fraud involving about Rs 8,000 crore (Rs 80 billion), Satyam remains one of India's biggest ever corporate scams.

Harshad Mehta: Rs 5,000 crore

He was known as the 'Big Bull'. However, his bull run did not last too long.

He triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments.

Taking advantages of the loopholes in the banking system, Harshad and his associates triggered a securities scam diverting funds to the tune of about Rs 5,000 crore (Rs 50 billion) from the banks to stockbrokers between April 1991 to May 1992.

Harshad Mehta worked with the New India Assurance Company before he moved ahead to try his luck in the stock markets. Mehta soon mastered the tricks of the trade and set out on dangerous game plan.

Mehta has siphoned off huge sums of money from several banks and millions of investors were conned in the process. His scam was exposed, the markets crashed and he was arrested and banned for life from trading in the stock markets.

He was later charged with 72 criminal offences.

A Special Court also sentenced Sudhir Mehta, Harshad Mehta's brother, and six others, including four bank officials, to rigorous imprisonment (RI) ranging from 1 year to 10 years on the charge of duping State Bank of India to the tune of Rs 600 crore (Rs 6 billion) in connection with the securities scam that rocked the financial markets in 1992. He died in 2002 many litigations still pending against him.

Hassan Ali Khan: Rs 39,120 crore Pune-based real estate consultant Hassan Ali Khan was the main accused in a case involving alleged money laundering to the tune of $8 billion (Rs 39,120 crore), and suspected tax evasion.

The Mumbai Income-Tax department had sent him a notice demanding Rs 40,000 crore for not disclosing funds in several foreign bank accounts, including $8 billion in an account in UBS AG, Zurich.

Money stashed away in Swiss banks: Rs 21 lakh crore

Post-Independence, India lost a staggering $462 billion, or about Rs 21 lakh crore, in illicit financial flows due to tax evasion, crime and corruption, a research and advocacy group has said in a report.

The report released by Washington-based Global Financial Integrity (GFI) found that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from India.

According to the primary findings of the report titled ' The Drivers and Dynamics of Illicit Financial Flows from India:

1948-2008 ', India lost a total of $213 billion in illicit financial flows (or illegal capital flight).

These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.

" The present value of India's total illicit financial flows (IFFs) is at least $462 billion. This is based on the short-term US Treasury bill rate as a proxy for the rate of return on assets.India's aggregate illicit flows are more than twice the current external debt of $230 billion," the report said.

Based on the last five years of the study, 2004-2008, India lost assets at a rate of US $19 billion per year.

Teak plantation swindle Rs 8,000 crore

The plantation scam took thousands of investors for a ride and is said to be of the order of Rs 8,000 crore.

Dinesh Singhania: Rs 120 crore

Another major scam involved Dinesh Kumar Singhania, the former president of Calcutta Stock Exchange.

Singhania was accused in the Rs 120 crore (Rs 1.2 billion) CSE scam.

Singhania was president of the exchange for two terms and also a director when the scam was unearthed in March, 2001, Mitra said.

Ketan Parekh: Rs 1,000 crore

Ketan Parekh followed Harshad Mehta's footsteps to swindle crores of rupees from banks. A chartered accountant he used to run a family business, NH Securities.

Ketan however had bigger plans in mind. He targetted smaller exchanges like the Allahabad Stock Exchange and the Calcutta Stock Exchange, and bought shares in fictitious names.

His dealings revolved around shares of ten companies like Himachal Futuristic, Global Tele-Systems, SSI Ltd, DSQ Software, Zee Telefilms, Silverline, Pentamedia Graphics and Satyam Computer (K-10 scrips).

Ketan borrowed Rs 250 crore from Global Trust Bank to fuel his ambitions. Ketan alongwith his associates also managed to get Rs 1,000 crore from the Madhavpura Mercantile Co-operative Bank.

According to RBI regulations, a broker is allowed a loan of only Rs 15 crore (Rs 150 million). There was evidence of price rigging in the scrips of Global Trust Bank, Zee Telefilms, HFCL, Lupin Laboratories, Aftek Infosys and Padmini Polymer.

From: Mahesh Chandra <swajans...@yahoo.com>

The article " Republic of Scams " was such a shock to all of us living abroad. True, India has become çrook's Paradise. There is no end in sight. Perhaps India is not ready yet for Democracy with such liberal and time consuming Judiciary system and whole lot of illliterate mass supporting most greedy and shameless Politicians.

Very little can be known from your Email text about Poona Billionaire Has Ali Khan who owes Rs. 50,000 Crores as Tax dues. So also little mention is there about Bofors.

Mahesh Chandra

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From: KAMAL SHARMA <kamal_s...@yahoo.com>

Inst. of Chartered Accountants of India (ICAI) introduces new Accounting Terminology

The Institute of Chartered Accountants of India (ICAI) has introduced the following new terminology for audits and inspections :

                                             Rs. 50 crore = 1 Koda
                                             Rs. 100 crore = 1 Radia
                                             Rs.500 crore = 1 Kalmadi
                                             Rs. 1000 crore = 1 Raja
                                             Rs.5000 crore = 1 Sonia

The new ICAI terminology will be effective immediately. All accounting firms, CAs and auditors have been instructed to use the new terms in their future reports.
Manybanks Dhobighatwala FCA, MBA
VP Intl Operations
(Political Money Laundry)
LEHMAN BROTHERS

There are complete and well researched facts about the loot of India by the Gandhi family, unsurpassed anywhere in the world! The least all patriotic Indians can do is to take a vow to boot out these looters along with the traitors who are supporting them, in the next general elections!

Basant Rajput.

ALPHABET "C" [among others} = "CONGRESS" ; "C" [ALSO] = "CORRUPTION" !!!

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Call for resignation of SoniaG (Chairperson NAC), Hans Raj Bharadwaj (Gov., Karnataka): Dr. Swamy

January 3, 2011

Statement of Dr. Subramanian Swamy, President of the Janata Party.

The sins of the Bofor Scam is now re-visiting the neo-Gandhi family. I demand that Ms Sonia Gandhi resign her post as N.A.C. Chairman as part atonement for misleading the country regarding true involvement of Ottavio Quattrocchi of the Scam. The Prime Minister must now agree to a Joint Parliamentary Committee to probe Mr. Quattrocchi and determine how he escaped fom India in 1994 and then later was allowed to go scot free in Argentina despite a pending income-tax assessment claim on his undeclared commission in the Bofor Scam.

Since at that time the Law Minister was Mr. Hans Raj Bhardwaj, he must step down from his post as Governor because his continuation is a gross derogation of the August Constitutional office of Governor of a State. If the Joint Parliamentary Committee is not constituted on this issue, then the nation will know that the UPA is guilty of shielding the corrupt.

( SUBRAMANIAN SWAMY )

From: kesava pillai <kesava...@gmail.com>

The Income-tax Appellate Tribunal has issued the judicial order for recovery of tax from Quottrochi, nailing the fact that kick-backs were paid to Quottrochi from the Bofors Gun Deal.

For over 25 years ll attempts were made to cover-up denying any payment of money to Quottrochi, and VijayShankar was brought from Malaysia where he deliberately failed to appear and allowed Quottrochi to escape, and he was made the Director of CBI overriding many others in Seniority.

Thos Vijaysankar played an important role in not filing the charge sheet, not attending the Courts getting adjournments and finally closing the case after the Law Minister Bharadwaj unilaterally instructed the London bank withdrawing the freezing orders of Quottrochi's account and Q withdrawing the same within minutes. The case was sub-judice in Supreme Court and also under investigation with Red corner notice issued to get QUottrochi.

The Argentianian Police arrested and detained Q and informed the Govt. of India. CBI took over 8 days to reveal the receipt of the information and the excuse was "the latter was in Spanish and we had to get it translated"!! In Argentinian Courts CBI did not attend the hearing regularly and allowed Quottrochi to be released as India was not represented in the case!!

Quottrochi' son visited Delhi for a week staying with Sonia to see that his father was released from Red Corner notice by Argentina.

Vijayshankar of CBI saw to it that Q was allowed to escape back to Italy, and CBI declared closure of the case under investigation and Supreme Court too was a mere mute spectator not questioning the action of Law Minister Brahadwaj, who was rewarded Governorship of Karnataka by onia Gandhi!!

Now that the Judician order from Appellate tribunal has been issued, the Income-tax Dept. confirming the kick-backs paid out of the payments made for purchase of Bofors Guns, the matter has again surfaced for detailed investigation as CBI had deliberately fumbled to close the case under intructuions of Sonia Gandhi-UPA Govt., now cutting an embarassing situation!!

How far can we trust CBI, which has refused to investigate 2G Spectrum scam for 2 years after CAG Report exposed the scam?

Big Source of Scams:

"All these Gandhis are pseudo-gandhis. They have adopted wisely and cunningly "Gandhi" tag only to fool the Indians in general and many North Indian "kidwais" believe that these Gandhis are descendants/relatives of Mahathma Gandhi !! Mera Bharath asli Mahaan"

Visit the link below to read comments like the above, from Indians on the yahoo news appeared in yahoo website home page

http://in.omg.yahoo.com/galleries/photos/charming-politicos-160-1.html

India's biggest scams-Vs -Hindu power

If there is any Hindu power , Hindu unity , Hindu intelligence and Hindu national standing it has to show now

1-      VHP must rope in the dust collecting shankarachrays n sant samaj to create the Hindu defection in ruling parties to topple the desh drohi government n set up election in next 3-6 months

2-      All desh drohis , national harming criminals n corrupts must be hanged

3-      All non taxed assets ( chal-achal sampatti ) must be confiscated n brought to national coffers

4-      All loots to date including that done in British period must be brought back to national treasury

5-      Re-write Hindu killer constitution towards achieving lakshya chatushtrya

6-      Re-construct India around gau -gazing yards , gaushalas , havan mandaps yogshalas , grukuls and ashrams to make it Bharat

7-      Establish holy Vedic rajdharam to provide vidya , sushiksha, swatantrya dharm and dhanaaadi at paribhushitha level – by dumping the bakwas of human right in the rubbish bin ( read SP samu 6 Rigveda m3su38

mn6)

8-      SBSRK ( sab bhoogol shatru rahit karo) is directed towards manushya prani in holy yajurveda(A9M40) and must be achieved by manushya prani(Rigved m1su39mn2), i.e. by Aryas rather than allowing this job to be mis- managed by human being .

9-      Hindu power must end up in   creating bade bade chakarvarti rajya as directed in holy Atharved for the numerous benefits as enumerated there and specially the economies of scale.

10-   Gradually UNO should be dumped in the bin and holy Vedic KVA Org should replace it headed by at least a dvivedi Kshtriya-Indr and advised by Chaturvedi Rishi Mandal

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