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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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Delhi Palam fire leaves 6 dead, massive rescue operation underway

Six people died after a fire broke out in a residential building in Delhi’s Palam. Firefighters continue rescue efforts with 30 tenders at the spot.

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Delhi's palam

A tragic fire incident in southwest Delhi’s Palam area on Wednesday morning claimed the lives of six people, triggering a large-scale emergency response.

According to officials, the blaze erupted in a residential building, prompting immediate action from fire and police authorities. Around 30 fire tenders were rushed to the spot to control the flames and carry out rescue operations.

Authorities said they received a distress call at approximately 7 am reporting the fire at a house within the building. Firefighters were deployed swiftly amid concerns that several residents could be trapped inside the structure.

A fire services official stated that initial information suggested people might still be inside, leading to an intensive search and rescue effort. Emergency teams, including police personnel, reached the congested locality to assist in evacuation and crowd management.

The firefighting operation was still ongoing at the time of reporting. The exact cause of the fire has not yet been determined, and further details are awaited as authorities continue their investigation.

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Centre mandates 60% free seat allocation on flights, caps selection fees

Airlines must now offer 60% seats without extra charges and ensure better seating arrangements for passengers under new government rules.

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In a significant move aimed at protecting air travellers, the Union Ministry of Civil Aviation has directed airlines to ensure that at least 60 per cent of seats on every flight are offered without any additional selection fee. The decision follows widespread complaints from passengers about hidden charges, particularly for seat selection.

The directive has been issued through the Directorate General of Civil Aviation, which has introduced a series of passenger-friendly norms to enhance transparency and improve the overall flying experience.

Under the new guidelines, airlines have also been instructed to seat passengers travelling on the same PNR together, preferably in adjacent seats. This is expected to address long-standing concerns among families and group travellers, who often face inconvenience due to scattered seating arrangements.

The regulator has further emphasised the need to safeguard passenger rights in situations such as flight delays, cancellations, and denied boarding. Airlines have been asked to prominently display these rights across their websites, mobile applications, booking platforms, and airport counters to ensure better awareness.

In addition, carriers must establish clear and transparent policies regarding the carriage of sports equipment, musical instruments, and pets. The move comes in response to frequent complaints over inconsistent rules and high charges. Airlines have been directed to align such policies with safety and operational standards while ensuring they are communicated in a simple and passenger-friendly manner.

To improve accessibility, the regulator has also asked airlines to share passenger rights information in regional languages.

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Mamata Banerjee warns BJP, EC over Bengal polls, says they will be accountable

Mamata Banerjee holds BJP and Election Commission responsible for any incidents during Bengal polls, raising concerns over officer transfers.

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West Bengal Chief Minister Mamata Banerjee has held the Bharatiya Janata Party (BJP) and the Election Commission of India responsible for any untoward incidents in the state during the upcoming assembly elections, following the transfer of key officials.

Addressing concerns over administrative reshuffles, Banerjee said that changes involving senior bureaucrats, including the chief secretary and home secretary, could affect governance and law and order in the state during a crucial period.

The Trinamool Congress chief also announced candidates for 291 constituencies for the elections scheduled to be held in two phases on April 23 and 29.

Criticising the Election Commission, Banerjee alleged that the transfers were being carried out in a manner that benefits the BJP. She questioned the timing of the decisions and said such actions weaken the state administration at a sensitive time.

She further raised concerns about disaster management and essential services, stating that experienced officials familiar with the state’s situation have been replaced. According to her, this could impact administrative efficiency if any emergency arises before the new government is formed.

Protecting Bengal’s identity

Banerjee emphasised that the election is not merely about forming a government but about safeguarding Bengal’s identity and existence. She accused the BJP of misusing central agencies and attempting to influence the electoral process.

She urged that elections should be conducted peacefully, without external interference, and in line with democratic principles. The chief minister also expressed confidence that her party would return to power with a stronger mandate.

Appealing to voters, she called for support for the Trinamool Congress, asserting that the people of Bengal will ultimately decide the outcome and protect their democratic rights.

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