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From Harshad Mehta to Vijay Mallya, a look at India’s biggest scammers

Amid the ongoing Adani row, let’s take a look at India’s biggest scams in history.

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Vijay Mallya

Adani Group lost more than Rs 5,29,865 crore in the last week after investors backed out as the US-based Hindenburg Research released their investigative report and accused Gautam Adani of fraud and stock manipulation.

Earlier, there have been multiple financial scams that shook the nation. Amid the ongoing Adani row, let’s take a look at India’s biggest scams in history.

Harshad Mehta

Harshad Mehta, a registered and well-known broker carried out India’s biggest scam in the stock market in 1992. Mehta was accused of manipulating the Bombay Stock Exchange (BSE) with his partners by taking advantage of the loopholes in the banking system, reports said.

He created a cycle of fraud with banks including the State Bank of India and the National Housing Bank.

Reports also say Mehta conspired with bank employees and got fake bank receipts issued and used those bank receipts to get other banks to lend him money. The amount was further put into the stock market to spike share prices by up to 4,400 per cent and Mehta then sold these shares at a staggering profit. After this, the principal amount was returned to the banks.

Referred to as the Big Bull of Dalal Street, Mehta defrauded the banks of almost Rs 4,000 crore. On February 28, 1992, the tax department carried out a raid and seized several documents and share certificates. On June 4, 1992, the Central Bureau of Investigation conducted a search on the Mehtas.

Reports say the tax return filed by Harshad Mehta for the assessment year 1992-93 was rejected and he was jailed in 1992.

Further, Mehta was convicted by both the Supreme Court and the Bombay High Court and was charged with 74 criminal offences. His legal battles continued till 2001 when he died due to a cardiac arrest in jail at 47.

B Ramalinga Raju

The scam carried out by B Ramalinga Raju is popular as Satyam Scam 2009. The fraud involved corporate governance and fraudulent auditing practices allegedly colluding with the auditors and CAs. Raju’s company Satyam Computer Services Ltd. was accused of misrepresenting its accounts to its stock exchanges, board, regulators, investors, and all other stakeholders.

After the scam came to light, the company admitted that they misrepresented, manipulated and falsified their accounts of over Rs 14,000 crore. Reports say Raju raised the cash to purchase several thousands of acres of land across Andhra Pradesh for a realty marker.

Nirav Modi

Nirav Modi along with his uncle Mehul Choksi pulled out one of the biggest bank frauds in India. The scam took place through Punjab National Bank Brady House Brand and also involved two senior PNB officials with Modi and Choksi.

In 2018, the PNB registered a case with CBI and accused Nirav Modi and his companies of obtaining Letters of Undertaking from the PNB without paying up the margin amount against loans. Additionally, the bank also submitted a fraud report to the Reserve Bank of India.

The same year Nirav Modi left India to evade the law days before a case was filed against him and others involved in the case.

Vijay Mallya

In 2016, the Kingfisher owner fled the country after he was accused of fraud and money laundering. Reports say Mallya owes more than Rs 9,000 crore to multiple banks he took loans from for his personal agenda and to save his Kingfisher airlines.

He took refuge in the United Kingdom and was also declared a fugitive economic offender at the request of the Enforcement Directorate under the Fugitive Economic Offenders Act.

Mallya left the country on March 2, 2016, after being warned of an arrest. However, he claimed that his trip to London was a part of his business pattern and lifestyle. A warrant was petitioned under Mallya for the crimes under the Money Laundering Prevention Act, of 2022. Following this, he was arrested in London by the Metropolitan Police on an international warrant.

However, he was granted bail worth $650,005,40,87,856 and was asked to hand over his documents, reports said.

Cricket news

IPL 2024: CSK’s Pathirana returns to Sri Lanka due to hamstring injury

The right-arm pacer played six matches in IPL 2024 picking up 13 wickets at an economy of 7.68 for CSK

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Fast bowler Matheesha Pathirana of the Chennai Super Kings suffered a serious setback on Sunday before of their IPL 2024 encounter against Punjab Kings. Pathirana, who suffered hamstring injury, will have to head back home to to Sri Lanka for a proper treatment and recovery.

The right-arm bowler, who took 13 wickets at an economy of 7.68 in six IPL 2024 matches, has been a star performer for CSK during an otherwise uneven season. Whether he will return later in the season is yet unknown to the team.

This incident coincides with worries about Deepak Chahar’s health. Earlier this week, he bowled just two deliveries in the match against Punjab Kings at the Chepauk before he strained his hamstring. The CEO of the Chennai Super Kings, Kasi Viswanathan, believes it is extremely improbable that Chahar will play for the rest of the season. The status of Deepak’s injury is not favorable. He had said on Friday that he won’t say Chahar  is ruled out of the season, but it is doubtful.

Meanwhile, Bangladesh’s star cricketer Mustafizur Rahman left the Chennai Super Kings camp to play for his country in the upcoming series against Zimbabwe. With 14 wickets in just nine matches, the left-arm bowler was the leading wicket-taker for CSK this season.

Chennai has five wins and an equal number of losses in 10 matches in the on-going season, and they are now ranked fifth in the points table. In to compete again against Punjab Kings at the Himachal Pradesh Cricket Association Stadium in Dharamsala, the five-time champions hope to strengthen their case for playoff qualifying. In the match at Chepauk, PBKS had beaten the team Ruturaj Gaikwad-led team by seven games.

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India News

Wrestler Bajrang Punia suspended by National Anti Doping Body after failing to give urine sample

Bajrang Punia, who won the country a bronze medal at the Tokyo Olympics, is likely to be barred from participation in the selection trials that are scheduled for later this month. No Indian has yet won an Olympic quota in the 65kg category.

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Wrestler Bajrang Punia was suspended indefinitely by the National Anti-Doping Agency (NADA), which could have an impact on his eligibility to compete in the upcoming Paris Olympics. Sources claim that on March 10, Punia neglected to submit a urine sample for the Sonepat selection trials, which is why NADA issued the order barring him from taking part in any events going forward.

With subject to paragraph 4:1:2 below and in accordance with article 7.4 of the NADR 2021, Bajrang Punia has been immediately provisionally suspended from participation in any competition or activity prior to the final decision reached at a hearing in this matter, according to an official release from NADA dated April 23.

Punia was in the forefront of accusations of sexual harassment made against former BJP MP and president of the Wrestling Federation of India (WFI) Brij Bhushan Sharan Singh, along with a number of other elite wrestlers, such as Olympians Sakshi Malik and Vinesh.

The star wrestler, who earned the country’s bronze medal in the Olympics in Tokyo, will probably not be allowed to take part in the selection trials later this month due to his suspension in light of the allegations. In the 65kg division, no Indian has yet to win an Olympic quota.

India’s Sujeet Kalkal will compete in the World Qualifiers, which begin on May 9 in Istanbul.

The notice of suspension was sent not to the federation recognized by United World Wrestling (UWW), but to the now-defunct ad hoc committee of the Wrestling Federation of India (WFI).

Punia rejected the directive of the drug control officer, alleging that NADA officials had not yet addressed his concerns. A few months before, Punia had uploaded a video purporting to have expired dope-collecting equipment.

The dope-collecting officer’s report states that he was told that his refusal would result in a warning for violating anti-doping regulations, but he still left.

Punia was asked to provide a written explanation by May 7th for his denial of providing a urine sample and supporting evidence.

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Entertainment

Kareena Kapoor appointed UNICEF India national ambassador, says it’s an emotional day for her

Kareena Kapoor expressed her happiness after she was appointed UNICEF India National Ambassador.

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Bollywood actor Kareena Kapoor, has been named the National Ambassador of Unicef India. In 2014, she became the organization’s first Celebrity Advocate. Kareena was driven to tears during her address onstage at her recent appointment ceremony. Adding yet another significant success to Kapoor’s already impressive resume is this new responsibility.

Kareena showed her appreciation and joy at being named the National Ambassador for Unicef India in an Instagram post on May 4. She underlined how committed she is to protecting children’s rights and making sure every child has an equitable future. Kareena thought back on her ten years of working with Unicef India, calling it enlightening and brightening.

Taking to Instagram, Kareena wrote, it is an emotional day for her. Being named the National Ambassador for UNICEF India is an honour for her, she added. The actor mentioned in her note that over the past ten years, working with UNICEF India has been incredibly instructive and enriching. She said she is happy of the work they’ve accomplished and she is reaffirming my commitment to speak out in favor of children’s rights and an equal future for all of them, she added.

The Crew  actor emphasized the value of defending children’s rights upon her appointment, pointing out that they are the next generation. She committed to utilizing her position to speak up for children who are at risk, concentrating on matters such as gender equality, education, and early childhood development. Kareena restated her conviction that every child is entitled to an equal opportunity and a promising future.

Regarding work front, Kareena is now enjoying the success of Crew, in which she starred alongside Tabu and Kriti Sanon.

Under the direction of Rajesh A. Krishnan, Crew centers on the journeys of three employed women against the backdrop of the aviation sector. In addition, Diljit Dosanjh, Kapil Sharma, Rajesh Sharma, Saswata Chatterjee, and Kulbhushan Kharbanda feature in the film.

She will be next seen in Hansal Mehta’s The Buckingham Murders in the upcoming months. She will be also seen in Rohit Shetty’s Singham Again.

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