Financial Scams

Hawala Scandal India

Hawala Scandal

The Hawala scandal was a major Indian financial scam involving black money sent by politicians through hawala brokers in 1991. Some of the country’s top politicians were implicated in an 18-million-dollar bribery scandal. How did Scam become well-known?  After getting arrested in 1991, Ashfaq Hussain, a suspected member of the terrorist organization revealed large-scale payments …

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Harshad Mehta SCAM 1992

The Harshad Mehta Scam: BSE Ka Bachchan!

In 1992, the Harshad Mehta scam wiped out more than a third of the market valuation and led to many changes made in the Indian stock market by the government. Harshad Mehta’s $1.3 billion stock market manipulation paved the way for more robust, stricter, and intelligent market regulation. He convinced banks to transfer funds to …

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Financial Scams in India Between 2010-2022

Major Financial Scams in India Between 2010-2022 (Part-3)

1. Commonwealth Games Scam 2010 When India hosted the Commonwealth Games in 2010, approximately 70,000 crores were stolen from the country’s coffers. It is estimated that only half of the money set aside for Indian athletes was spent. The organizing committee of the 2010 Commonwealth Games in India awarded Swiss timings a contract worth 141 …

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Financial Scams in India Between 2000-2010

Major Financial Scams in India Between 2000-2010 (Part-2)

1. Ketan Parekh securities scam 2001 Ketan Parekh was a trainee at GrowMore, Harshad Mehta’s company. He was a suspect in several frauds in which Growmore was involved. When the dot-com bubble burst in the late 1990s, he began investing in low-liquidity IT and telecom firms. Because of the significant increase in the value of K-10 …

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Financial Scams in India Between 1990-2000

Major Financial Scams in India Between 1990-2000

In recent years, we have all witnessed numerous financial scams in India involving the losses of thousands of crores of rupees. In this article, we will discuss the significant financial scams in India. Remember, these are only the ones that have been revealed and many are yet to be uncovered. The number of people involved …

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