Friday, April 22, 2011

Top 5 - India’s Scams Net worth

1) 2G Spectrum Scam Net Worth : Rs.176,379 Crore

2G Spectrum Scam

The 2G spectrum scam involved allegations of

  • Underpricing of 2G spectrum Telecom Ministry of India, resulting in loss to the exchequer and
  • Ill egal manipulation of the spectrum allocation process to favour a few select companies

According to a report submitted by the Comptroller and Auditor General based on money collected from 3G licenses, the loss to the exchequer due to underpricing of 2G spectrum was Indian Rupee ₹176,379 crore (US$39.16 billion).

The issuing of the 2G licenses occurred in 2008, but the scam came to public notice when the Supreme Court of India took Subramaniam Swamy's complaints on record.

2) 2010 Commonwealth Games Scam Net Worth : Rs 36,000 crores

2010 Commonwealth Games Scam Net Worth

The Commonwealth Games was severely criticised by several prominent Indian politicians and social activists because billions of dollars have been spent on the sporting event despite the fact that India has one of the world's largest concentration of poor people. Additionally, several other problems related to the 2010 Commonwealth Games have been highlighted by Indian investigative agencies and media outlets; these include — serious corruption by officials of the Games' Organising Committee, delays in the construction of main Games' venues, infrastructural compromise, possibility of a terrorist attack, and exceptionally poor ticket sales before the event.

3)Satyam Scam Net Worth : Rs.14,000 Crore

Satyam Scam Net Worth

The biggest corporate scam in India came from one of the best known businessmen.Satyam Computer Services is something that will shatter the peace and tranquility of Indian investors and shareholder community beyond repair. Satyam is the biggest fraud in the corporate history to the tune of Rs. 14000 crore.

The company’s disgraced former chairman Ramalinga Raju kept everyone in the dark for a decade by fudging the books of accounts for several years and inflating revenues and profit figures of Satyam. Finally, the company was taken over by the Tech Mahindra which has done wonderfully well to revive the brand Satyam.

4) S-Band Scam Net Worth : Rs.2,00,000 Crore

S-Band Scam Net Worth

State owned Doordarshan channels used 70 Mhz in the 2500 Mhz band to deliver programmes by satellite to all parts of the country. Recently these bandwidth has not been used, now this is the first time to take this much of  bandwidth to the private vendors. But ISRO didn't invite any private companies to join the tenders. There was no tender announced, no one invited. ISRO's Antrix corporation  provided the whole allocation to the Devas Multimedia pvt ltd, a no value company in its portfolio. The scam reports to at least 2-3 lakh Crores of net loss to the government of India.

5) IPL Scam Net Worth : $1.6 Billion (USD)

IPL Scam Net Worth

The list of scandals in India is just not ending and becoming grave by every decade. Most of us are aware about the recent scam in IPL and embezzlement with respect to bidding for various franchisees. The scandal already claimed the portfolios of two big-wigs in the form of Shashi Tharoor and former IPL chief Lalit Modi.

Lalit Modi is also alleged to have access to or operate several benami foreign bank accounts including some in tax havens like Mauritius and Switzerland through his proxies and associates.


Vikas IndiacivicAdm said...

This was a nice article with so much information on all the scams. Are we taking corruption a bit too easy ? We need to come together to kill this monster which can bring down this country's economy to mud. Here we take you to what corruption is in India


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