Financial Crime World

Financial Scams in India: A Timeline of Major Scandals Since Independence

In the intricate web of India’s financial landscape, scandals have emerged regularly, casting a dark shadow over the nation’s economic prowess. In this article, we explore some of the most notable financial scandals in India since its independence.

1950s

  • Mundhra Scandal (₹12 million): [Further Details]

1970s

  • Nagarwala Case (₹6 million): [Further Details]

1980s

  • Fodder Scam (₹9.5 billion): [Further Details]
  • Bofors Scandal: [Further Details]

1990s

  • Indian Stock Market Scam (₹50 billion): This securities scam exposed the manipulation of share prices through insider trading, leading to a stock market crash. [Further Details]
  • Stamp Paper Scam: [Further Details]
  • Ajmer Rape Case: [Further Details]
  • Disproportionate Assets Case against Jayalalithaa: [Further Details]
  • Jalgaon Housing Scam: [Further Details]
  • Tatra Truck Scam: [Further Details]
  • Uttar Pradesh Food Grain Scam: [Further Details]
  • Anubhav Plantations Scam: [Further Details]
  • Palmolein Oil Import Scam (Kerala): [Further Details]
  • Hawala Scandal: [Further Details]
  • SNC-Lavalin Kerala Hydroelectric Scandal (₹3.74 billion): [Further Details]

1998

  • India-South Africa Match Fixing Scandal: Two cricketers, Mohammed Azharuddin and Ajay Jadeja, were banned for life and 4 years, respectively, for their involvement in this scandal. [Further Details]
  • Operation West End: [Further Details]
  • Ketan Parekh Securities Scam (₹320 million): [Further Details]
  • Roshni Act Corruption Scandal: [Further Details]
  • Stamp Paper Scam (₹200 billion): [Further Details]
  • Best Bakery Case: [Further Details]
  • Provident Fund Scam: [Further Details]
  • Taj Corridor Case: [Further Details]
  • Uttar Pradesh NRHM Scam: [Further Details]
  • Maharashtra Irrigation Scam (₹720 billion): [Further Details]
  • Uttar Pradesh Sand Mining Scandal: [Further Details]
  • National Herald Corruption Case: [Further Details]

2000s

  • Housing-Loan Scam: [Further Details]
  • Belekeri Port Scam: Estimated loss to the public exchequer of ₹35,000 crores (approx US$6 billion). [Further Details]
  • DIAL Scam (₹1,669.72 billion): [Further Details]
  • Granite Scam in Tamil Nadu (about ₹160 billion (US$2.0 billion)): [Further Details]
  • Indian Coal Allocation Scam (Not Proven): [Further Details]
  • Karnataka Wakf Board Land Scam: [Further Details]
  • Kerala Solar Panel Scam: [Further Details]
  • Indian Helicopter Bribery Scandal: [Further Details]
  • Madhya Pradesh Scholarship Scam: [Further Details]

2010s

  • Aavin Scam: A ten-year adulteration of milk scandal that cost the government ₹27 lakh per day. [Further Details]
  • Siliguri Jalpaiguri Development Authority Scam, West Bengal (₹200 crore): [Further Details]
  • Gurugram Rajiv Gandhi Trust Land Grab Case: [Further Details]

2014

  • Murder of Sandeep Kothari: [Further Details]
  • Lalit Modi Case: [Further Details]
  • Cash for Vote Scam: MLA Revanth Reddy was jailed for his involvement in this scandal. [Further Details]
  • NSE Co-location Scam (about ₹50,000 crore): Insider trading on the National Stock Exchange of India (NSE) from 2010 to 2014. [Further Details]

2015

  • Narada Sting Operation: An operation revealing bribery allegations against several politicians and other influential figures. [Further Details]
  • Freedom 251 Scam: A ponzi scheme that promised mobile phones at ₹251 but failed to deliver. [Further Details]
  • Vijay Mallya’s Escape from India: He fled the country through a Jet Airways flight. [Further Details]
  • Delta Meghwal Rape Case: [Further Details]

2016

  • Unnao Rape Case: [Further Details]
  • Kathua Rape Case: [Further Details]

2017

  • Punjab National Bank Scam: A fraudulent letter of undertaking worth ₹11,600 crore (US$1.77 billion) was issued at the Punjab National Bank branch in Brady House, Mumbai, making the bank liable for the amount. [Further Details]

2019

  • Karvy Scam: [Further Details]
  • INX Media Case: Against former Union Minister P. Chidambaram. [Further Details]
  • Hyderabad Gang Rape and Murder Case: [Further Details]

2020s

  • Kerala Gold Smuggling Scandal: Customs officials detained diplomatic baggage containing illegal gold, with possible connections to top echelons of the Kerala Government. [Further Details]
  • Republic TV TRP Manipulation Scam: Mumbai Police filed a charge sheet against India Today, News Nation, Republic TV, and various Marathi channels for manipulation of TRP. [Further Details]
  • Bengaluru Drug Raids: Karnataka Police arrested and quizzed numerous actors and individuals working in the Kannada cinema industry in connection with drug abuse and peddling. [Further Details]

As of today, the world of Indian finance remains under constant scrutiny, anticipated for the next major scandal amid evolving economic challenges. By addressing the ongoing scandals, we emphasize the critical importance of strengthening regulatory systems, promoting transparency, and fostering public trust.