Scams and Erros for long what could be the reason ?

The Simple reason is everybody have accepted as a part of a system.This cannot be eradicated until unless the common man from the bottom level to top level stop giving bribe.

We can eradicate this by implementing IT in Govt Services and making systems more transparent and i hope this will defintely eradicate corruption to a large extent if not full.

And one more thing the guilty are punished in their lifetime, eventhough some positive developments are taking place  now in telecom scam and blackmoney scam.Hope the courts deliver judgements quickly enough to send a message to corrupt people.

scam and scandals are repeated just because of fearless environment
criminals and antisocial element are doing there jobs very easily because the know about delay in Justis and it is quite easy free from police and in government department it is chain system cash flow from bottom to top and top to bottom 

the execution of whole scam is perform in such a manor that only bottom level person are only going to highlight

surprise audits and time delivery of job and work with valid reasons in delay can only way to identify the scams

fear of strong punishment for every irresponsibility , scams and hiding the proofs cooperate in any kind of scam should also be punishable 

It starts from election which is done among the political parties.Party leaders gives nomination who has money and mussel power in the particular area,not qualification or eligible to public service.We have to take hard and stick action to change the total system of election.Reject voting,do not support any electing person and explain this to your concerns.Change Indian constitute,it is not Indian but copy of other nations so we are still under dependent.We will get full freedom if we have Indian constitution.O my Indians wake up and start fight for absolute freedom.Today is scams are only national busyness.

Thanks Jyoti 4 invite
This happens because ultimate instict of human being 'Yeh Dil Mange More'
Let me know how many of us,if given the chance will not like to involve in this if you are not going to be exposed forever.
Everybody wolud like to take advantage of other's helplessness or other way around people take advantage of one's greed for money

India is one such nation with largest constitution and largest number of laws and if we add amendments in such laws this becomes so voluminous that becomes hard to understand for a common citizen.  But the irony is despite all these laws we have accused getting acquitted, most likely due to lacunae left out by the politician in framing law and thanks to the investigative body for leaving gaps in investigation.  But we must give due credit to the lawyers who happens to search out such gaps and lacunae to get accused persons acquitted.  Usually it is the innocent who gets caught in to the trap.

And if accused person after having committed such frauds, scams ... what else should be expected. 

hope the idea come in existence  soon.

Scams and corrupt practices occur at regular intervals because the system or the administrative machines do not have the strength to put an end to it. Secondly our legal system has enough room for such people to get away with it. We follow a very old and out dated practices which can be misused very easily. We need to reform our systems, legal machinery and such administrative practices so that proper,speedy and correct action can be taken.

Least or no punishment. Too many political sects. For any reason if the head of one political reader is arrested, the followers don't wait for proper judgment, start burning buses etc. Some how the culprit escapes. So that give courage for remaining to take the wrong path.

Least or no punishment. Too many political sects. For any reason if the head of one political reader is arrested, the followers don't wait for proper judgment, start burning buses etc. Some how the culprit escapes. So that give courage for remaining to take the wrong path.

Least or no punishment. Too many political sects. For any reason if the head of one political reader is arrested, the followers do nto wait for proper judgment, start burning buses etc. Some how the culprit escapes. So that give courage for remaining to take the wrong path.

THE Biggest Scams  

1. Ramalinga Raju



The biggest corporate scam in Indians come from one of the most respected businessmen.

Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books.

His efforts to fill the “fictitious assets with real ones” through Maytas acquisition failed, after which he decided to confess the crime.

With a fraud involving about Rs 8,000 crore (Rs 80 billion), Satyam is heading for more trouble in the days ahead.

On Wednesday, India's fourth largest IT company lost a staggering Rs 10,000 core (Rs 100 billion) in market capitalization as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 on the Bombay Stock Exchange.

The NYSE-listed firm could also face regulator action in the US.

“I am now prepared to subject myself to the laws of the land and face consequences thereof,” Raju said in a letter to SEBI and the Board of Directors, while giving details of how the profits were inflated over the years and his failed attempts to “fill the fictitious assets with real ones.”

Raju said the company's balance sheet as of September 30 carries “inflated (non-existent) cash and bank balances of Rs 5,040 crore (Rs 50.40 billion) as against Rs 5,361 core (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 long.

He triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments.

Taking advantages of the loopholes in the banking system, Harshad and his associates triggered a securities scam diverting funds to the tune of Rs 4000 core (Rs 40 billion) from the banks to stockbrokers between April 1991 to May 1992.

Harshad Mehta worked with the New India Assurance Company before he moved ahead to try his luck in the stock markets. Mehta soon mastered the tricks of the trade and set out on dangerous game plan.

Mehta has siphoned off huge sums of money from several banks and millions of investors were conned in the process. His scam was exposed, the markets crashed and he was arrested and banned for life from trading in the stock markets.

He was later charged with 72 criminal offenses.

A Special Court also sentenced Sudhir Mehta, Harshad Mehta’s brother, and six others, including four bank officials, to rigorous imprisonment (RI) ranging from 1 year to 10 years on the charge of duping State Bank of India to the tune of Rs 600 crore (Rs 6 billion) in connection with the securities scam that rocked the financial markets in 1992. He died in 2002 with many litigations still pending against him.



3. Ketan Parekh



Ketan Parekh followed Harshad Mehta’s footsteps to swindle crores of rupees from banks. A chartered accountant he used to run a family business, NH Securities.

Ketan however had bigger plans in mind. He targetted smaller exchanges like the Allahabad Stock Exchange and the Calcutta Stock Exchange, and bought shares in fictitious names.

His dealings revolved around shares of ten companies like Himachal Futuristic, Global Tele-Systems, SSI Ltd, DSQ Software, Zee Telefilms, Silverline, Pentamedia Graphics and Satyam Computer (K-10 scrips).

Ketan borrowed Rs 250 crore from Global Trust Bank to fuel his ambitions. Ketan alongwith his associates also managed to get Rs 1,000 crore from the Madhavpura Mercantile Co-operative Bank.

According to RBI regulations, a broker is allowed a loan of only Rs 15 crore (Rs 150 million). There was evidence of price rigging in the scrips of Global Trust Bank, Zee Telefilms, HFCL, Lupin Laboratories, Aftek Infosys and Padmini Polymer.



4. C R Bhansali



The Bhansali scam resulted in a loss of over Rs 1,200 crore (Rs 12 billion).

He first launched the finance company CRB Capital Markets, followed by CRB Mutual Fund and CRB Share Custodial Services. He ruled like a financial wizard 1992 to 1996 collecting money from the public through fixed deposits, bonds and debentures. The money was transferred to companies that never existed.

CRB Capital Markets raised a whopping Rs 176 crore in three years. In 1994 CRB Mutual Funds raised Rs 230 crore and Rs 180 crore came via fixed deposits. Bhansali also succeeded to to raise about Rs 900 crore from the markets.

However, his good days did not last long, after 1995 he received several jolts. Bhansali tried borrowing more money from the market. This led to a financial crisis.

It became difficult for Bhansali to sustain himself. The Reserve Bank of India (RBI) refused banking status to CRB and he was in the dock. SBI was one of the banks to be hit by his huge defaults.

5. Cobbler scam by Sohin Daya

Sohin Daya, son of a former Sheriff of Mumbai, was the main accused in the multi-crore shoes scam. Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested for creating several leather co-operative societies which did not exist.

They availed loans of crores of rupees on behalf of these fictitious societies. The scam was exposed in 1995. The accused created a fictitious cooperative society of cobblers to take advantage of government loans through various schemes.

Officials of the Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co-operative Bank, and Bank of Bahrain and Kuwait were also charge sheeted.



6. Dinesh Dalmia



Dinesh Dalmia was the managing director of DSQ Software Limited when the Central Bureau of Investigation arrested him for his involvement in a stocks scam of Rs 595 crore (Rs 5.95 billion).

Dalmia’s group included DSQ Holdings Ltd, Hulda Properties and Trades Ltd, and Powerflow Holding and Trading Pvt Ltd.

Dalmia resorted to illegal ways to make money through the partly paid shares of DSQ Software Ltd, in the name of New Vision Investment Ltd, UK, and unallotted shares in the name of Dinesh Dalmia Technology Trust.

Investigation showed that 1.30 crore (13 million) shares of DSQ Software Ltd had not been listed on any stock exchange.



7. Abdul Karim Telgi



He paid for his own education at Sarvodaya Vidyalaya by selling fruits and vegetables on trains.

He is today famous (or infamous) for being he man behind one of .

The Telgi case is another big scam that rocked India. The fake stamp racket involving Abdul Karim Telgi was exposed in 2000. The loss is estimated to be Rs 171.33 crore (Rs 1.71 billion), it was initially pegged to be Rs 30,000 crore (Rs 300 bilion), which was later clarified by the CBI as an exaggerated figure.

In 1994, Abdul Karim Telgi acquired a stamp paper license from the Indian government and began printing fake stamp papers.

Telgi bribed to get into the government security press in Nashik and bought special machines to print fake stamp papers.

Telgi’s networked spread across 13 states involving 176 offices, 1,000 employees and 123 bank accounts in 18 cities



8. Virendra Rastogi



Virendra Rastogi chief executive of RBG Resources was charged with for deceiving banks worldwide of an estimated $1 billion.

He was also involved in the duty-drawback scam to the tune of Rs 43 crore (Rs 430 milion) in India.

The CBI said that five companies, whose directors were the four Rastogi brothers — Subash, Virender, Ravinde and Narinder — exported bicycle parts during 1995-96 to Russiaand Hong Kongby heavily over invoicing the value of goods for claiming excess duty draw back from customs.



9. The UTI Scam



Former UTI chairman P S Subramanyam and two executive directors — M M Kapur and S K Basu — and a stockbroker Rakesh G Mehta, were arrested in connection with the ‘UTI scam’.

UTI had purchased 40,000 shares of Cyberspace between September 25, 2000, and September 25, 2000 for about Rs 3.33 crore (Rs 33.3 million) from Rakesh Mehta when there were no buyers for the scrip. The market price was around Rs 830.

The CBI said it was the conspiracy of these four people which resulted in the loss of Rs 32 crore (Rs 320 million). Subramanyam, Kapur and Basu had changed their stance on an investment advice of the equities research cell of UTI.

The promoter of Cyberspace Infosys, Arvind Johari was arrested in connection with the case. The officals were paid Rs 50 lakh (Rs 5 million) by Cyberspace to promote its shares.

He also received Rs 1.18 crore (Rs 11.8 million) from the company through a circuitous route for possible rigging the Cyberspace counter.



10. Uday Goyal



Uday Goyal, managing director of Arrow Global Agrotech Ltd, was yet another fraudster who cheated investors promising high returns through plantations.

Goyal conned investors to the tune of over Rs 210 crore (Rs 2.10 billion). He was finally arrested.

The plantation scam was exposed when two investors filed a complaint when they failed to get the promised returns.

Over 43,300 persons had fallen into Goyal’s trap. Several criminal complaints were filed with the Economic Offenses Wing.

The company's directors and their relatives had misused the investors money to buy properties. The High Court asked the company to sell its properties and repay its investors.



11. Sanjay Agarwal



Home Trade had created waves with celebrity endorsements.

But Sanjay Agarwal’s finance portal was just a veil to cover up his shady deals. He swindled a whopping Rs 600 crore (Rs 6 billion) from more than 25 cooperative banks.

The government securities (gilt) scam of 2001 was exposed when the Reserve Bank of India checked the accounts of some cooperative banks following unusual activities in the gilt market.

Co-operative banks and brokers acted in collusion in abide to make easy money at the cost of the hard earned savings of millions of Indians. In this case, even the Public Provident Fund (PPF) was affected.

A sum of about Rs 92 crore (Rs 920 million) was missing from the Seamen’s Provident Fund. Sanjay Agarwal, Ketan Sheth (a broker), Nandkishore Trivedi and Baluchan Rai (a Hong Kong-based Non-Resident Indian) were behind the Home Trade scam. -

With on going spurge of population,  country like India,  will face this situations,  till each one contributes honestly, towards the cause and development of the nation building activity,  Green revolution programme were successful like wise CnG,  All the metros and mini metros got connected,  until and unless there is a concious governing body to rule the situations these sort of erroneous picture of the society will be visible.  Instead of reasoning out the situation,  lets understand the contribution each one of us doing,  It would be appropriate to say that lets start realising the huge task of uplifting ourself.  Rome was never built in one day.  It takes time for everything to fall in its place.  overall,  it is the demand and supply along with infrastructure and resource issues.  

Forcing the demand,  hikes the price(inflation). On similar vein, forcing the adversity to be misused for opportunity creates scams. Be it internet scam, stock marketing, you will find that demand is forced to create a market.

As along as inequality in development(geographically) exists, ignorance of development prevails, the possibility for SCAMS are on the increase.Development may be technical, social, political, economical that's what mentioned here.

I agree with all the reasons which is mentioned as above. All these things we are facing, understand, aware with update news etc. we know each and every thing, we discussed also. But no any change we have seen yet. It can very difficult to improve.

It can also say that never will make change in INDIA. Who will stand? No dobut our feeling is good towards country, but supoose if anybody is going to stand immediately he/she will facing many constrain.....So, no practical chances are there just discussion is there. Thanks Ms.jyoti for referal

Thanks Jyoti for referral. Yes there were scams till now. When there is no giver then there is no taker. Unfortunately, the pay scales were so low till recently and if some body is offering you 10 years salary at a given time which you have not asked for so might as well take it. This is top of the line and being very curiously watched by Bara Babu and next time on wards he will say the chief is not there so he is also being paid and it goes down the line.

It will take some time but this scams will be a thing of past. Give us 10 years. 

Dis- satisfaction is the main reason for such scams, as our politician's hunger for money is too bog that one day they will keep auction to sale our country.
Thanks , for referral, Sujatha. 

Scam comes out of hunger for money; victims comes from hunger for money.  No law can control those things you are expecting, there are certain provisions committed by constitution, and no law can prevail constitution. Where supervision and other control factors are concerned there are provisions and time to time RBI CBI informs people about possible scams. If you expect them to see what you think "you see!" than it could be called prejudice by system and will be challenged in the concerned judicature.

Why the laws are there; because the law breakers are here. Why law are amended because criminals always find new tactics/methods to cheat people in the name of legal business.

For example; you may find some institution saying "Government recognized". Now the fact is they have applied for recognition and it is under process in the department. Legal status (!) of this institution is niter recognized nor un-recognized. Hundreds of thousands are fooled with this kind of advertisement. It is a clear scam but you can't prove it.

Another example: Some institutions teach Deemed University recognized courses. They also advertise themselves as government recognized. If you pinpoint the status they advocate that, they have registered with department of education so they hold registered status and it is legal.

A ROAD SIDE PAN SHOP (CIGARETTE SHOP)is also registered with some government authority. If the owner of this shop puts a board on the shop that thi is government recognized pan shop, I think it is not illegal.

The scam works in this way, we always have a zeal to get easy money; and people take advantage of your hunger.

A dear can't blame a tiger for the hunt; it's law of nature!

If we can lower the speed of growing population; lots of such problems will get solved.

Regards,

Sudarshan

Hi Mathew, first thing first, Accountability and responsibility are the two pivotal words that shape the stature of private companies, be it Microsoft or TATA. However, in government sector, these are rarely seen and swiftly becoming things of the past. Buck stops nowhere, it keeps on tilting and moving here and there and after some time goes to oblivion. Are PM, Manmohan Singh, Sonia Gandhi and Rahul Gandhi only mute spectator? There is no dearth of talent in this country, then why filthy minds are occupying power? This is the government of rogues, crooks and scamsters. Scamsters are ruling the nation, crooks like Kalmadi, Chavans, Shinde and Raja are roaming freely enjoying free air, nothing concrete has taken place against these sinners who are plundering public coffers and gullible people are watching like mute spectator. We need uprising similar to Egypt to wipeout these sinners. 

Your views on planning are brilliant, but do you think, can these we implemented in a corrupt country like India? 

http://wwwkrantirajiv-rajiv.blogspot.com/
http://www.merinews.com/cj/rajivazad
http://www.allvoices.com/users/rajivazad
   

 

Well said Sir!!

The scams and scandals are repeated just because right steps have never been taken to erradicate it.It starts from the top and continues till the lowest level and all those who are not involved in it have a hard time.