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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.

Bihar news

Mokama shootout case: Former Bihar MLA Anant Singh surrenders, sent to jail

Singh’s supporters retaliated to the initial attack, leading to the intense exchange of gunfire that gripped the area. The incident underscores the deep-seated power struggles and lawlessness that persist in certain parts of Bihar.

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Former Bihar MLA Anant Singh surrendered to a Barh court on Friday, facing charges related to a shootout on the outskirts of Patna. The incident, which occurred Wednesday evening, involved an alleged attack on Singh’s convoy by the notorious Sonu-Monu gang. The ensuing exchange of gunfire, according to eyewitness accounts, involved a significant volume of shots – estimates ranging from 60 to 70 rounds, though police reported a lower figure of 16-17.

Remarkably, Singh escaped unharmed. Following his surrender, he was remanded to Beur jail. Patna Senior Superintendent of Police (SSP) Awkash Kumar confirmed the surrender and the filing of three separate FIRs concerning the incident.

The shootout unfolded amidst a backdrop of escalating tensions in Mokama, a region with a history of violent crime and political rivalry. The involvement of the Sonu-Monu gang, known for its criminal activities, added a layer of complexity to the already volatile situation.

Singh’s supporters retaliated to the initial attack, leading to the intense exchange of gunfire that gripped the area. The incident underscores the deep-seated power struggles and lawlessness that persist in certain parts of Bihar.

Adding to the escalating tension, another shooting incident was reported on Friday in Hamza village, under the jurisdiction of Panchmahal police station in Mokama. Three spent cartridges were found near Mukesh Singh’s house, prompting an immediate investigation.

Senior police officials were deployed to the scene to assess the situation and gather evidence. The timing and location of this second incident suggest a possible connection to the previous day’s events, raising concerns about further escalation of violence.

Police have apprehended two suspects, Sonu and Roushan, in connection with Wednesday’s shooting. Investigations suggest that the Sonu-Monu gang specifically targeted Mukesh Singh, a former associate of the gang who had allegedly sought protection and assistance from Anant Singh. This suggests a complex network of allegiances and betrayals within the criminal underworld of Mokama.

Anant Singh, a controversial figure with a history of both political success and criminal accusations, has been a prominent figure in Mokama’s political landscape for years. His past includes a conviction in 2020 related to the recovery of an AK-47 rifle and other weapons from his ancestral home, resulting in his disqualification from the assembly.

However, he was acquitted of these charges in August 2024. His wife, a former MLA, recently shifted her political allegiance from the RJD to Chief Minister Nitish Kumar’s JD(U), further complicating the political dynamics of the region.

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Bollywood news

FIR filed against Shreyas Talpade, Alok Nath, 11 others in cheating case in Haryana

The case has sent ripples through the Bollywood industry, casting a shadow over the careers of both actors. While the details of their alleged involvement remain under investigation, the allegations raise serious questions about their conduct and potential complicity in a scheme that defrauded numerous investors.

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Bollywood actors Shreyas Talpade and Alok Nath find themselves embroiled in a significant legal controversy, named as accused in a cheating and breach of trust case registered at the Murthal police station in Sonipat, Haryana.

The First Information Report (FIR), filed on January 22, lists the two prominent actors among thirteen individuals charged under Sections 316 (2), 318 (2), and 318 (4) of the Bharatiya Nyaya Sanhita. These charges encompass criminal breach of trust, cheating, and the fraudulent transfer of property.

The complainant, Sonipat resident Vipul Antil, levelled accusations against the Human Welfare Credit Cooperative Society, registered in Indore under the Multi-State Cooperative Societies Act of 2002. Antil alleges that the society, active across multiple states, including Haryana, since September 16th, 2016, lured investors with promises of exorbitant returns on fixed deposits (FDs) and recurring deposits (RDs).

The society employed a multi-level marketing strategy, incentivizing agents to recruit additional investors, creating a pyramid scheme structure that ultimately led to widespread financial losses.

Ajeet Singh, the Additional Commissioner of Police (ACP) in Murthal, confirmed the inclusion of Talpade and Nath’s names in the list of accused, based on statements provided by the complainant. Singh clarified that the primary focus of the investigation remains the alleged fraudulent activities of the cooperative society, and the police are currently working to determine the specific roles, if any, played by Talpade and Nath in the alleged scheme. The investigation will delve into the extent of their involvement and whether they directly benefited from the alleged fraudulent activities.

The case has sent ripples through the Bollywood industry, casting a shadow over the careers of both actors. While the details of their alleged involvement remain under investigation, the allegations raise serious questions about their conduct and potential complicity in a scheme that defrauded numerous investors.

Shreyas Talpade’s most recent cinematic appearance was in Kangana Ranaut’s directorial debut, Emergency, a historical drama set during India’s tumultuous Emergency period from 1975 to 1977. Alok Nath, a veteran Bollywood actor, boasts a prolific career spanning over three decades and encompassing over 300 films, establishing him as a familiar face in Indian cinema. The unfolding investigation will determine the extent of their involvement in this complex financial crime and the consequences they may face.

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India News

BPSC results out: Aspirants react as controversy, protests over paper leak persist

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BPSC aspirants ask Prashant Kishore to step back from protest site, political strategist-turned-politician responds

The Bihar Public Service Commission (BPSC) declared the results for the 70th Combined Competitive Exam (CCE) on January 23, 2025. In the hours following the announcement, reactions to the results and the subsequent developments have continued to unfold, with protests, legal challenges, and debates surrounding the exam process showing no sign of abating.

21,581 candidates clear, but tension persists

While 21,581 candidates cleared the preliminary exam, questions remain about the legitimacy of the results. Legal challenges have already been initiated, with petitions filed in the Patna High Court questioning the integrity of the examination process, particularly regarding the status of those who were debarred due to alleged malpractice. The court’s involvement could still alter the final list of successful candidates.

Political impact and ongoing reactions

The protests have also drawn political figures into the fray. Prashant Kishor, leader of the Jan Suraj Party, joined the demonstrations and went on an indefinite hunger strike starting January 2, showing solidarity with the aspirants. His involvement and calls for action have added a political dimension to the controversy, which is now under the scrutiny of Bihar’s government.

Bihar Governor Arif Mohammad Khan recently met with a delegation of aspirants to hear their grievances and assured them that steps would be taken to address their concerns. The Governor also appealed to Prashant Kishor to end his fast, citing health concerns.

Looking ahead: What’s next for the 21,581 pass candidates?

For the candidates who have successfully passed the prelims, the main examination is the next step. However, the future of the recruitment process remains uncertain, with protests, petitions, and public calls for reforms still ongoing. The uncertainty surrounding the exam’s integrity and the lack of clarity on future steps means that the exam’s aftermath will likely continue to dominate discussions.

As the BPSC navigates the fallout from this highly contentious exam, it faces increasing pressure to restore public trust and ensure that future recruitment processes are conducted with the highest standards of fairness and transparency.

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