India has had its share of high and low points. Moments that took the nation to the zenith and those that laid it bare and touched the nadir in the years after independence. Read about the scams that in their times shook the nation and whose effect can be felt even today.  

Vijay Mallya & His Rs 9000 Crore Scam

2016 saw the ‘King of Good times’ seek asylum in the UK as he was accused of fraud and money laundering. Allegedly, Vijay Mallya has to repay various banks in India in the access of Rs 9000 crores, the amount that he took as a loan to spend on his now-defunct Kingfisher Airlines. Today Mallya is declared a fugitive economic offender under the Fugitive Economic Offenders Act.

 Coalgate Scam – Rs. 1.86 Lakh Crore

The coal allocation scam or ‘Coalgate’ scam was brought to light by the Comptroller and Auditor General (CAG). The government of the day was accused to unlawfully distribute 194 coal blocks between 2004 and 2009. As many high and mighty bureaucrats and politicians were involved, Coalgate did shake the nation. The final report revealed the scam amount to be Rs. 1.86 lakh crores. 

 2G Spectrum Scam – Rs. 1, 76,000 crore

In 2008, the then UPA government was accused of undercharging mobile telephone companies for licenses of frequency allocation which were used to create 2G spectrum subscriptions. The then Telecom Minister A. Raja found himself in the center of the storm. The CAG stated that the scam was worth Rs. 1,76,000 crore. The Supreme Court declared the spectrum unconstitutional and arbitrary and canceled more than 120 licenses.

Bofors Scandal – Rs. 64 Crore

A major weapons-contract scandal in the 1980s, Bofors shook the nation like never before. Many prominent politicians, including the then PM Rajiv Gandhi, were accused of receiving kickbacks in the access of Rs. 64 crores in the defense deal of approx. 1437 crores with Bofors, the arms manufacturer of Sweden, for supplying their 155mm field howitzer to the Indian Army. It is estimated that in today’s times the Bofors scam would have worth Rs. 400 crore.              

Satyam Scam – Rs. 14,000 crore

The 2009 corporate scam is also termed as ‘India’s Enron Scandal’. It revolves around B Ramalinga Raju and his Satyam Computer Services Ltd. The company admitted to faking, stage-managing, and forging its accounts of more than Rs 14,000 crore before its investors, board, stock exchanges, and other stakeholders.

These are some of the most notorious financial scams that came to public notice in India. Needless to say that it shook the nation and created public outrage and in many cases proved to be the end of those involved.