Financial Crime World

A Decade of Financial Crimes in India: A Chronicle of Scandals since the 1950s

In the annals of Indian history, financial crimes have cast long and dark shadows. This article explores some of the most noteworthy financial crimes since India’s independence.

The 1950s

  • Mundhra Scandal (1958): The first significant financial crime in post-independent India, worth approximately ₹12 million.

The 1970s

  • Nagarwala Case (1971): Involved a loss of ₹6 million.

The 1980s

  • Fodder Scam (1985): Resulted in a loss of ₹9.5 billion.
  • Bofors Scandal (1987): Damaged the reputation of the Indian defense sector.

The 1990s

  • Indian Stock Market Scam (1992): Cost the economy a staggering ₹50 billion.
  • Stamp Paper Scam (1992): Involving losses estimated at ₹500 crore.
  • Ajmer Rape Case: Politicians and businessmen were implicated.
  • Jayalalithaa Corruption Charges (1996): Former chief minister faced corruption charges.

The 2000s

  • India-South Africa Match Fixing Scandal (2000): Two Indian cricket players were banned for life and 4 years respectively.
  • Operation West End (2001): A major securities scam, resulting in a loss of ₹320 million.
  • Roshni Act Corruption Scandal and Stamp Paper Scam (2002): Resulted in losses of ₹200 billion.

The 2010s

  • Housing-loan Scam and Commonwealth Games Controversies (2010): Significant financial concerns arose.
  • Adarsh Housing Society Scam (2011): Involved high-ranking politicians and businessmen, with losses estimated at ₹35,000 crores.
  • DIAL Scam, Granite Scam in Tamil Nadu, and Maharashtra Irrigation Scam (2012): Reported financial losses.

The 2020s

  • Kerala Gold Smuggling Scandal (2020): Involved diplomatic baggage containing illegal gold, with connections to top Kerala Government echelons.
  • Republic TV TRP Manipulation Scam (2020): Involved multiple media channels, including Republic TV, being accused of manipulating TRP ratings.

Other Measures to address Financial Crimes

  • The Lokpal and Lokayuktas Act, 2013: In place to address financial crimes and bring transparency to the financial sector.

Note: This article is a brief overview and does not cover all aspects of each financial crime. For a more detailed understanding, readers are encouraged to refer to the sources provided.