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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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Uniform rules for WhatsApp, Telegram under review as Centre examines legal aspects

The Centre is reviewing responses from WhatsApp, Telegram and Zoho Bharat Eye over username-based messaging features, with a notification on uniform rules likely within 20 days.

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WhatsApp

The Centre is reviewing responses submitted by WhatsApp, Telegram and Zoho Bharat Eye regarding their username-based messaging features, as the government evaluates whether regulatory action is required. A notification on the issue could be issued within the next 20 days.

MeitY examines responses from messaging platforms

According to sources in the Ministry of Electronics and Information Technology (MeitY), WhatsApp, Telegram and Zoho Bharat Eye have responded to government notices concerning username-based messaging features.

The ministry’s legal team is scrutinising the replies to determine whether any existing legal provisions have been violated and whether any clauses can be invoked for regulatory action or sanctions.

Speaking on the sidelines of the launch of a cybersecurity report on Monday, MeitY Secretary S. Krishnan confirmed that WhatsApp’s response had been received over the weekend and is currently under examination.

“The reply was received last week. We are examining the response and action, if any, will be taken after that examination,” he said.

Government stresses uniform regulatory approach

The government has maintained that any regulatory framework introduced in connection with username-based messaging will apply equally across all messaging platforms rather than targeting any single service.

Union Minister Ashwini Vaishnaw has indicated that a notification on the matter is expected within the next 20 days. The ongoing review is focused on examining the legal implications rather than being a purely policy exercise.

Why the government raised concerns

MeitY had issued notices to WhatsApp, Telegram and Signal after expressing concerns that username-based messaging, which allows users to communicate without sharing their phone numbers, could be misused for impersonation, phishing, identity theft and so-called “digital arrest” scams.

Earlier, a WhatsApp spokesperson said the platform is primarily designed as a private messaging service that helps people stay connected with friends and family.

The review forms part of the government’s broader efforts to strengthen online safety, curb the misuse of digital communication platforms and ensure that any future regulations are implemented uniformly across messaging services.

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Delhi Police arrest 2 Lucknow University law students for disrupting Supreme Court proceedings

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The Delhi Police on Tuesday arrested Lucknow University law students Prabal Pratap Singh and Chandrabhan for disrupting proceedings inside the Supreme Court. The incident took place on July 10 in Courtroom No. 13 during a hearing before the bench of Justice K.V. Viswanathan and Justice Alok Aradhe.

Police said Prabal Pratap Singh, a third-year LLB student from Etawah, Uttar Pradesh, interrupted the court proceedings by shouting slogans, using abusive language against Chief Justice of India Justice Surya Kant, throwing court papers into the air, and creating chaos inside the courtroom. His associate, Chandrabhan, allegedly supported the disruption.

Security personnel in the Supreme Court overpowered the two and removed them from the courtroom, allowing the hearing to resume. The Court had magnanimously let them go without punishing them, CJI Surya Kant had also dismissed any action against the two law students saying they were like children.

Police said the accused had approached the Supreme Court in connection with a legal dispute after challenging an order of the Allahabad High Court. Investigators believe the disruption was linked to dissatisfaction with the progress of the case, although the exact motive is still being examined.

Following the incident, the Tilak Marg Police Station registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita (BNS), including charges of obstructing public servants from performing their duties, disturbing judicial proceedings, and acting with common intention. After their arrest, both accused were produced before a Delhi court, which remanded them to two days of police custody for questioning.

The incident has raised fresh concerns over security inside the country’s highest court. Although the Supreme Court has strict entry procedures and multiple security checks, the disruption has prompted authorities to review existing security arrangements to prevent similar incidents in the future.

Police are now analyzing CCTV footage, questioning the accused, and investigating whether anyone else was involved or if the act was planned in advance. Further legal action will depend on the findings of the investigation.

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Congress invites Mamata Banerjee to July 21 event, asks her to admit leaving party was a mistake

The West Bengal Congress has invited Mamata Banerjee to its July 21 programme, asking her to publicly acknowledge that leaving the Congress was a political mistake while paying tribute to the 1993 martyrs.

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Mamata Banerjee

The West Bengal Congress has invited Trinamool Congress (TMC) chief Mamata Banerjee to its July 21 programme in Kolkata, saying she should publicly acknowledge that quitting the Congress nearly three decades ago was a political mistake.

The invitation came from West Bengal Congress president Subhankar Sarkar, who addressed reporters after reviewing preparations for the party’s ‘Martyrs’ Day’ programme at Shahid Minar.

Congress asks Mamata to acknowledge 1993 movement

Sarkar said Banerjee should recognise the historical importance of the July 21, 1993 movement instead of trying to alter its legacy.

According to him, the movement was organised under the banner of the Youth Congress, making it an integral part of the Congress’ political history.

He said political leaders who respect their own political journey earn greater public respect and urged Banerjee to pay tribute to the martyrs at the Congress programme.

‘Leaving Congress was a mistake’

Sarkar said Banerjee’s participation in the event would carry greater significance if she publicly admitted that leaving the Congress was the wrong political decision.

He described such a move as an act of political atonement and said the Congress stage remains open for anyone wishing to pay homage to those who died during the July 21, 1993 movement.

July 21 remains politically significant in West Bengal

The July 21, 1993 protest, led by Mamata Banerjee during her time in the Youth Congress, ended in police firing in which 13 people allegedly lost their lives.

After leaving the Congress in December 1997 to form the Trinamool Congress, Banerjee continued observing July 21 every year through large public rallies that gradually became a major display of the party’s organisational strength. The Congress, meanwhile, continued marking the day with comparatively smaller programmes.

Multiple events planned this year

The political landscape has changed following the TMC’s loss of power in the West Bengal Assembly elections, with the party also facing internal rebellion.

A rebel TMC faction led by Ritabrata Banerjee has announced a separate observance near the Mahatma Gandhi statue in Esplanade. Meanwhile, police have denied permission to another group loyal to the former chief minister to hold its programme at its traditional venue in front of Victoria House. The matter is currently pending before the court.

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