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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.

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Priyanka Gandhi meets Nitin Gadkari over Kerala road projects, light moments mark discussion

Priyanka Gandhi met Nitin Gadkari in Parliament to discuss road projects in Kerala, with the meeting marked by humour, political remarks and an informal food tasting.

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Priyanka Gandhi meets Nitin Gadkari (1)

Congress MP Priyanka Gandhi Vadra on Thursday met Union Road Transport and Highways Minister Nitin Gadkari at his office in Parliament to raise issues related to road infrastructure projects passing through Kerala. The meeting combined formal discussions with lighter moments, including a humorous exchange and an unexpected food tasting session.

Kerala road projects discussed at Parliament meeting

Priyanka Gandhi, the Member of Parliament from Wayanad in Kerala, discussed six road projects that pass through the state. During the interaction, Nitin Gadkari clarified that some of these projects fall under the jurisdiction of the Kerala government and therefore cannot be directly handled by the Centre. However, he assured the Congress leader that the remaining proposals would be examined.

According to those present, the discussion remained cordial, with both sides acknowledging administrative limitations while exploring possible ways forward.

‘Bhai ka kaam ho gaya’ remark draws laughter

The meeting also saw a light-hearted moment when Gadkari referred to a recent interaction with Rahul Gandhi, the Leader of the Opposition in the Lok Sabha. He said Rahul Gandhi had met him earlier regarding road-related concerns in Rae Bareli.

In a humorous remark, Gadkari said that if work was done for the brother but not for the sister, it could lead to complaints. The comment prompted laughter from Priyanka Gandhi and others present in the room.

Congress confident of future action in Kerala

During the conversation, Priyanka Gandhi expressed confidence about the Congress party’s prospects in the upcoming Kerala Assembly elections. She indicated that proposals currently under the purview of the Left Front government in the state would be taken forward once Congress comes to power.

Her remarks reflected political confidence while keeping the focus on infrastructure needs in Kerala.

A homemade dish adds informal touch

Apart from policy discussions, the meeting included an informal culinary moment. Nitin Gadkari had prepared a rice-based dish after learning the recipe from online videos. Visitors to his office were offered rice balls served with chutney.

Gadkari encouraged Priyanka Gandhi to taste the dish, and she, along with Congress leader Deepender Singh Hooda, was seen sampling the food while continuing their conversation with the minister.

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AAP dominates Punjab zila parishad polls, leads in most panchayat samiti zones

AAP has won 201 out of 317 declared zila parishad zones in Punjab so far and is leading in a majority of panchayat samiti seats, with counting still underway.

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Punjab Zila Parishad Polls

The ruling Aam Aadmi Party (AAP) has recorded a strong performance in the Punjab zila parishad elections and is leading in the majority of panchayat samiti zones, as per results declared so far on Thursday. The counting process is still underway and complete results are awaited, officials said.

Polling for the rural local bodies was held on December 14 to elect representatives across 347 zones of 22 zila parishads and 2,838 zones of 153 panchayat samitis in the state.

AAP secures clear edge in zila parishads

According to the available results, outcomes have been declared for 317 zila parishad zones so far. Of these, the AAP has won 201 zones, placing it well ahead of other parties.

The Congress emerged second with victories in 60 zones, followed by the Shiromani Akali Dal (SAD) with 39 zones. The BJP won four zones, the BSP secured three, while independents claimed 10 zones.

District-wise data shows that the AAP won 22 zones in Hoshiarpur, 19 each in Amritsar and Patiala, 17 each in Tarn Taran and Gurdaspur, and 15 zones in Sangrur. The Congress registered its best performances in Gurdaspur and Ludhiana with eight zones each, followed by Jalandhar with seven zones. The SAD performed strongly in Bathinda with 13 zones, while the BJP managed to win four zones in Pathankot.

AAP leads in panchayat samiti results

In the panchayat samiti elections, trends declared so far indicate that the AAP is leading in a majority of zones. However, officials clarified that counting is ongoing and the final picture will be clear only after all ballot papers are tallied.

Kejriwal, Mann reject opposition allegations

Reacting to the trends, AAP supremo Arvind Kejriwal said the party’s performance reflected strong rural support for the Bhagwant Mann government’s work. Addressing the media in Mohali along with Chief Minister Bhagwant Mann, Kejriwal dismissed allegations of irregularities raised by opposition parties.

He said the elections were conducted in a fair and free manner and claimed that the results so far showed a clear wave in favour of the AAP in rural Punjab. Kejriwal stated that nearly 70 per cent of the zila parishad and panchayat samiti seats had gone in favour of the party.

Congress, SAD question poll conduct

The Congress and the Shiromani Akali Dal, however, accused the ruling party of misusing official machinery. Punjab Congress chief Amrinder Singh Raja Warring alleged that the AAP had “stolen” the rural mandate and claimed that the results did not reflect genuine public support.

Opposition parties had earlier also accused the AAP government of high-handedness during the polling process, allegations that the ruling party has strongly denied.

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Vijay signals political push with TVK rally as last film Jana Nayagan promotion aligns with 2026 polls

Vijay combined a major TVK rally with the promotion of his final film Jana Nayagan, signalling a carefully planned transition from cinema to politics ahead of the 2026 Tamil Nadu polls.

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Actor vijay

Tamil actor-turned-politician Vijay marked a significant moment in his political journey on December 18, combining a major public rally of his party Tamilaga Vettri Kazhagam (TVK) with a key promotional event for his final film Jana Nayagan. The twin developments underline his calibrated shift from cinema to full-time politics, with the 2026 Tamil Nadu Assembly elections clearly in focus.

Vijay addressed a large gathering near the Vijayamangalam toll plaza in Erode, marking his first major open rally after the Karur incident. Around 25,000 people were present at the venue, reflecting the sustained interest around his political entry and the mobilisation capacity of his fan base, now being encouraged to transition into party supporters.

Parallelly, the second single from Jana Nayagan was released online in the evening. The film, slated to hit theatres on January 9, has been announced as Vijay’s last cinematic outing before dedicating himself entirely to politics.

How Jana Nayagan fits into Vijay’s political strategy

Jana Nayagan, directed by H Vinoth, is positioned as more than just a farewell project to Vijay’s acting career. From its title, which translates to “People’s Leader”, to its narrative and music by Anirudh Ravichander, the film has been designed to mirror themes that Vijay has begun emphasising in his political speeches — governance, accountability and moral authority.

The actor has repeatedly projected himself in rallies as a leader who wants to serve the people of Tamil Nadu and raise issues affecting marginalised sections. The film’s tone appears to align with this image, aiming to present a restrained and serious persona without alienating his long-time fans.

By declaring Jana Nayagan as his final film, Vijay has attempted a gradual emotional transition for his supporters, with TVK hoping that this loyalty will convert into organisational strength and votes in the upcoming elections.

Analysts divided on electoral impact

Political analysts, however, remain cautious about the effectiveness of this approach. One analyst noted that while Vijay is clearly attempting to convert his massive fan following into party cadres, not every fan can realistically take on a political role. Another analyst pointed out that the film alone is unlikely to fetch votes, though messaging around issues such as corruption or dynastic politics could help Vijay gain some traction over time.

The analysts also flagged that Vijay is entering a crowded and competitive political space and that the impact of recent controversies has added to the challenges ahead. According to them, his current strategy appears to be aimed not only at 2026 but at building a longer-term political position.

Invoking legacy and symbolism

A recurring element in Vijay’s rallies has been his admiration for former Tamil Nadu Chief Minister and actor M G Ramachandran. The second single from Jana Nayagan, titled Oru Pere Varalaaru, reinforces this aspiration, with lyrics emphasising the idea of a name that makes history and the power of the people’s voice.

While invoking MGR remains a common political trope in Tamil Nadu, analysts underline that his journey remains unmatched. They stress that sustained electoral participation and organisational strength, rather than crowd sizes at rallies, will determine Vijay’s political future.

For now, Vijay’s rally in Erode and the simultaneous promotion of Jana Nayagan highlight a carefully timed blend of cinema and politics, as he prepares to test his popularity beyond the silver screen.

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