Top 10 Scams that Rocked the Nation

    Transparency International (TI) is a non-government organization which was founded way back in 1996 to combat corruption throughout the world. It aptly defines corruption as ‘the misuse of public power for private benefit’. The organization, along with leading the fight against corruption comes up with a Corruptions Perception Index which ranks countries by their perceived level of corruption. India has found itself in the lower 70s and upper 80s since 2010 with a score hovering between 35 and 40 out of hundred. The score and the ranking do justice to the ubiquitous corruption that we encounter almost daily while leading our mundane lives. Despite the various claims by the top guns of the Indian government, India still runs on corruption as the common man is kicked in his gut incessantly till he can no longer cough up any more money. From the police to the official clerks, bribe is what gets your work done. Obviously, in this hierarchical structure, the bureaucrats sitting at the top of the pyramid demands a lot more than just a few hundred rupees to devoid the government exchequers of a few hundred to thousand crore rupees. We would not be exaggerating if we state that an Indian in his lifetime witnesses almost double the number of scams as his age! So, we have here pulled up ten of the most notable scams from the star-studded Indian history.

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    10The Mundhra Scam worth ₹1.24 cr

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    The Mundhra Scam was the 1st scam of free India which came or was rather thrust into the limelight due to the vitriolic relationship between the then Prime Minister, Jawahar Lal Nehru and his son-in-law and MP, Feroze Gandhi. It started with an innocuous looking report in the newspaper, The Statesman that an amount rising to 1 crore rupees had been withdrawn from the funds of the Life Insurance Company (LIC) and has been invested in a private enterprise based out of Kanpur. The unravelling of the 1st scam of India began after Feroze Gandhi asked the government in the parliament if premiums from 5.5 million LIC policyholders had been used to purchase shares at inflated prices in companies controlled by a certain Haridas Mundhra. In response, the then finance minister, Krishnamanchari could only fathom, “You are basing your allegations just on newspaper reports. This is not proper. Do you have evidence?” Feroze Gandhi had in his possession confidential correspondence between Krishnamachari and the finance secretary, HM Patel and was willing to produce them.

    The Prime Minister, Jawahar Lal Nehru responded by setting up an enquiry commission under former Chief Justice, M.C Chagla. Mr. Chagla got on with the task at hand in a diligent and quick manner and was able to submit his report in less than a month. His report confirmed that LIC had bought 1.24 crore rupees worth of illegal shares in 6 companies owned by Haridas Mundhra. Mundhra was in turn bleeding these companies and siphoning away all the money that was invested. On paper, LIC had bought these shares to stabilize the market but in reality, it was done to help Mundhra from going bankrupt. The orders to do so seemed to have come from the highest echelons of the government.

    The hearings of the commission were held in public and through the various depositions, Mr. Chagla learnt about the near bankrupt status of the companies owned by Mundhra. Justice Chagla determined that the Finance Secretary, Haribhai M. Patel, along with two LIC officials, L S Vaidyanathan may have colluded on the payment, and should be investigated. Subsequent inquiry committee headed by Retired Justice Vivian Bose cleared the names of two civil servants but passed strictures against finance minister for “lying”. Haridas Mundhra was arrested from his suite at Claridge’s Hotel and was served time for 22 years. TT Krishnamachari resigned from the post of finance minister as a result of the enquiry.

     
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    I'm a huge Nadal & Liverpool fan. A massive foodie who is crazy about GoT, Harry Potter, Calvin & Hobbes and Friends, I love reading non/historical fiction. Used to be a tennis player before work caught up. Tennis has now been conveniently substituted by cycling.I am an avid traveler who believes that the pleasure is in the journey!

    16 COMMENTS

    1. IN OUR BUILDING ONE, MR PARTHO SARATHI MUKHERJEE OF PRIYA VIDEO PARLOUR OF 8/4 R.B.C,ROAD PS&PO DUM DUM,EARLIER WARD NO-9,LATER ON WARD NO-19,HAVE DUPED CRORES OF RUPEES IN DIFFERENT LOOKS&ON DIFFERENT PAN CARDS/TRADE LICENCES,ALONG WITH MALAY GHOSH OF PARIMITA/SHIB DURGA TAILORS & 0UT FITTERS,OF SAME ADRESS,THEY ARE ABSCONDING PERSONAL LOAN FROM UNCOUNTED BANKS,BUT I CAN PROVIDE THERE WHERE ABOUTS,IF IT CAN HELP TO RECOVER IE:BANKS BAD DEPTH,

    2. Not PRIYA, PRITHA TO BE READ,{MY SELY ALONG WITH MY LATE FATHER,MADE AN AGREEMENT WITH MR PARTHO SARATHI MUKHERJEE,OF 8/4 R.B.C,ROAD,OF PS&PO DUM DUM,AS SHOP NO 7-5O-SFT MORE OR LESS&50-SFT MORE OR LESS ON DIFFRENT OCCASION/TIME,DURING MAKING FINAL MEASURMENT IE:DEED FOR REGESTRATION,INSPITE OF MAKING SO,HE IS ABSCONDING &CAME TO KNOW THAT HE HAS GIVEN THE SHOP TO SOME STRANGER,BREAKING THE WALL OF TWO SHOPS IE:SHOP NO 7&7B,

    3. TILL NOW THE BANKS HAVE NO CLUE,ABOUT THE CHEATER IE:MR PARTHO SARATHI MUKHERJEE HAVE DUPED CRORES OF RUPEES/AMOUNT,WHICH CAN SERVE POOR PEOPLES NEED/REQUIREMENT,TO RUN THEIR LIVELEHOOD,STILL BANK IS DEFF&DUMP,WHAT WILL HAPPEN TO REALY NEEDYTL POOR PEOPLE {(BHAGWAN HEE MALIK HAI AISAY BANKOH KAA)

    4. Rahul has proved self at many times. Not just 10. He is the one who opposed the bill to prevent criminals getting into politics. Who else could have fine it?

      Union finance minister of today may say we hate very but get trapped in his own words by talking of nexus broken by him between corrupt bank babus and borrowers http://www.vov.media also indicated like this recently. So he spoke but never bothered what. If there was nexus etc and he broke who were the culprits? Where was the chargesheet and where is prosecution?

      Now we know everything but we know nothing. People still sometime believe fake news which they may get as breaking news, mostly sponsored perhaps.

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