TOP 10 Biggest Of india Scams Of All Times
1 . Ramalinga Raju
The largest corporate rip-off in Indias come from one of the most respected business people. Satyam creator Byrraju Ramalinga Raju resigned as its leader after acknowledging to food preparation up the accounts books. His efforts to fill the " fictitious assets with real ones" through Maytas acquisition failed, after which this individual decided to concede the criminal offenses. With a fraud involving about Rs eight, 000 crore (Rs eighty billion), Satyam is heading for more difficulty in the days and nights ahead. On Wednesday, India's fourth greatest IT organization lost an astounding Rs 10, 000 crore (Rs 100 billion) in market capitalisation as traders reacted dramatically and dumped shares, forcing down the scrip by 80 per cent to Rs 39. 95 for the Bombay Stock market. The NYSE-listed firm can also face regulator action in america. " We am today prepared to subject matter myself towards the laws with the land and face consequences thereof, " Raju stated in a notification to SEBI and the Plank of Administrators, while giving details of how the income were inflated over the years and his failed endeavors to " fill the fictitious resources with true ones. " Raju said the company's balance sheet as of Sept 30 provides " filled with air ( nonexistent ) money and financial institution balances of Rs 5, 040 crore (Rs 50. 40 billion) as against Rs 5, 361 crore (Rs 53. 61 billion) reflected in the books. " 2 . Harshad Mehta
He was known as the 'Big Bull'. However , his bull run did not last too much time. He brought on a rise in the Bombay Stock Exchange in the year 1992 by trading in stocks and shares at a premium across a large number of segments. Choosing advantages of the loopholes inside the banking system, Harshad and his associates induced a securities scam directing funds to the tune of Rs four thousand crore (Rs 40 billion) from the banking institutions to stockbrokers between The spring 1991 to May 1992. Harshad Mehta worked with the modern India Assurance Company just before he relocated ahead to try his luck in the stock market segments. Mehta soon mastered the tricks of the trade and set out on risky game plan....