13-09-2013, 12:24 PM
SCAMS IN INDIA
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Definition:
We can define it as obtaining money by means of deception including fake personalities, fake photos, fake template letters, non-existent addresses and phone numbers, forged documents.
Harshad Mehta (1992)
Securities scam
Mehta gradually rose to become a stock broker on the Bombay Stock Exchange and had an expensive lifestyle.
Through the second half of 1991, Mehta had earned the sobriquet of the 'Big Bull', because he was said to have started the bull run. On April 23, 1992, journalist Sucheta Dalal exposed Mehta's illegal methods in a column in The Times of India. Mehta was dipping illegally into the banking system to finance his buying.
The game went on as long as the stock prices kept going up, and no one had a clue about Mehta's modus operandi. Once the scam was exposed, the banking system had been swindled of a whopping Rs 4,000 crore.
The Chairman of the Vijaya Bank committed suicide by jumping from his office roof. He knew that he would be accused if people came to know about his involvement in issuing cheques to Mehta.
Mehta made a brief comeback as a stock market guru in 1998, giving tips on his own website as well as a weekly newspaper column. This time around, he was working with owners of a few companies and recommended only the shares of those companies. This game, too, did not last long.
By the time he died, Mehta had been convicted in only one of the many cases filed against him.
Telecom Scam (1996)
In 2009, former telecom minister Sukh Ram was convicted by a Delhi court of accepting bribes to grant licences and purchase equipment from companies during his 1993-96 tenure at the Centre. In 1996, raids at Sukh Ram's properties in Delhi and Himachal had unearthed 3.6 crore cash.
2G Spectrum Scam (2008)
The 2G spectrum scam involved allegations of under pricing of 2G spectrum by the Telecom Ministry of India, resulting in loss to the exchequer and illegal manipulation of the spectrum allocation process to favour a few select companies.
How the Scam Came Out..!
The Nexus Between the Media and Corporates are so strong that, the top English channel in India even ignored the 2G Spectrum Scam. The whole credits to bring out the scam in to light goes to Janatha party president Mr. Subamaniam Swami who filed an affidavit in the Supreme court, CPI(M), CPI,BJP and all the left parties who raised this issue in the Indian parliament, and the Malayalee media person J Gopikrishnan who brought the Nexus between Media and Corporates!!