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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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Congress, BJP attack Bhagwant Mann over remarks on Punjab blasts

Congress and BJP have jointly criticised Punjab CM Bhagwant Mann after he linked recent blasts near defence sites to political motives, triggering a controversy.

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Bhagwant Mann

A political row has erupted in Punjab after Chief Minister Bhagwant Mann linked recent blast incidents to political motives, drawing sharp criticism from both the Congress and the Bharatiya Janata Party (BJP).

The controversy follows two low-intensity explosions reported within a short span of time — one near the Border Security Force (BSF) headquarters in Jalandhar and another close to an army cantonment area in Amritsar. The incidents raised concerns over security, particularly given the sensitive nature of the locations.

In response, Mann suggested that the blasts could be part of a larger political strategy. His remarks triggered a strong backlash, with opposition parties accusing him of politicising a serious security issue.

Leaders from the Congress criticised the Chief Minister’s statement, calling it inappropriate and alleging that such comments undermine the gravity of the situation. They stressed that matters related to national security should be handled with caution and responsibility.

The BJP also joined the criticism, questioning the basis of Mann’s claims and urging the state government to focus on investigation and law enforcement instead of making political allegations.

The developments have led to an unusual moment where both Congress and BJP appear aligned in their criticism of the Aam Aadmi Party-led government in the state.

Meanwhile, the blasts themselves have intensified concerns over safety in border regions, with authorities continuing their investigation into the incidents. No casualties were reported, but the proximity to defence establishments has made the issue particularly sensitive.

The episode has further escalated political tensions in the state, with security and accountability emerging as key points of debate.

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Himanta Biswa Sarma resigns as Assam chief minister, oath ceremony likely after May 11

Himanta Biswa Sarma resigns as Assam Chief Minister after BJP-led NDA’s victory. He will continue as caretaker CM until the new government is sworn in after May 11.

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Himanta sharma

Assam Chief Minister Himanta Biswa Sarma resigned from his post on Wednesday, paving the way for the formation of a new government after the BJP-led NDA secured a decisive victory in the 2026 Assembly elections.

Sarma submitted his resignation to Governor Lakshman Prasad Acharya at Lok Bhawan in Guwahati. The Governor accepted the resignation and asked him to continue as the caretaker Chief Minister until the new government takes charge.

The resignation comes after the NDA’s strong electoral performance, where the alliance won a clear majority in the 126-member Assembly, ensuring its return to power for another term.

Oath ceremony expected after May 11

Speaking to reporters after submitting his resignation, Sarma said the swearing-in ceremony for the new government is likely to be held after May 11.

He indicated that Prime Minister Narendra Modi has been invited to attend the ceremony but is unavailable until May 11, which has influenced the tentative schedule.

Decision on next chief minister soon

Sources suggest that central observers, including senior BJP leaders, are expected to arrive shortly to oversee the selection of the legislature party leader. The newly elected MLAs will then decide on the next Chief Minister.

Despite the formal resignation, party sources indicate that Sarma is likely to continue in the role for another term, given the BJP’s strong mandate in the state.

The move marks the beginning of the government formation process in Assam following the election results declared earlier this week.

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Rahul Gandhi and Vijay alliance took shape through backchannel talks, early signals from Congress leaders

Congress outreach and political calculations led to Rahul Gandhi and Vijay coming together after the Tamil Nadu 2026 election results.

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The coming together of Rahul Gandhi and actor-politician Vijay in Tamil Nadu after the 2026 Assembly elections was not sudden, but the result of behind-the-scenes political manoeuvring and early signals within the Congress.

According to media reports, some leaders in the Tamil Nadu Congress had already sensed the scale of Vijay’s surge during the campaign, anticipating what was later described as a “wave” in favour of his party.

After the results, where Vijay’s Tamilaga Vettri Kazhagam (TVK) emerged as the single largest party but fell short of a majority, communication channels between the Congress leadership and Vijay quickly became active.

A key moment in this evolving political equation was a phone call from Rahul Gandhi to Vijay, congratulating him on the party’s strong performance. The conversation was seen as more than a courtesy, signalling the possibility of cooperation at a time when government formation required additional support.

Reports indicate that discussions within Congress weighed the political benefits of supporting Vijay, especially given the shifting dynamics in the state where traditional dominance by major Dravidian parties has been challenged.

With TVK needing allies to cross the majority mark, Congress emerged as a potential partner, leading to a broader political realignment in the state. This development also triggered tensions within opposition alliances, highlighting the strategic importance of the decision.

The evolving partnership reflects a mix of electoral pragmatism and changing voter sentiment, particularly the growing influence of younger voters, which leaders acknowledged as a key factor in the election outcome.

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