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Financial Scams in India: A Look at High-Profile Cases

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India has witnessed numerous high-profile cases involving financial scams, corruption, and fraudulent activities. Here are a few notable examples:

Vijay Mallya Case

Defaulting on Loans and Fleeing the Country

In 2013, Vijay Mallya, the founder of Kingfisher Airlines, was accused of defaulting on loans worth Rs. 9,000 crores from more than a dozen Indian banks. He fled India in March 2016 and was declared a fugitive offender under the Fugitive Economic Offenders Act, 2018.

PNB Bank Scam (2018)

Massive Fraudulent Transactions

Nirav Modi, an Indian businessman, and his uncle Mehul Chowksi were accused of issuing fraudulent letters of undertaking (LoUs) worth Rs. 11,000 crores(approx.) to the overseas branches of Indian banks. They were charged with:

• Criminal conspiracy
• Criminal breach of trust
• Cheating
• Corruption
• Money laundering
• Fraud
• Embezzlement
• Breach of contract

Ketan Parekh and the Stock Market Scam of 2001

Manipulating the Stock Market

Ketan Parekh, a CA by profession, managed his family’s brokerage business. Like Harshad Mehta, he manipulated the stock market through unlawful means, syphoning off public funds to the tune of Rs.1200 crores.

ICICI-Videocon Scam

Loans Granted in Gross Violations

Loans worth Rs. 1875 crores were given by the ICICI Bank to the Videocon group(controlled by industrialist Venugopal Dhoot). Ms. Chanda Kochhar was the CEO and MD of the bank at that time. The bank had granted loan to the Videocon group and its associated companies from 2009 to 2011, most of which were granted in gross violations of the banking regulations and the policies of the ICICI bank.

Conclusion

These high-profile cases highlight the need for strict enforcement of laws against financial frauds and corruption in India.