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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.



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.

India News

Open AI CEO Sam Altman meets PM Modi to discuss AI opportunities in India

OpenAI is the firm behind ChatGPT, an artificial chatbot.



Sam Altman Narendra Modi

On Thursday, Open AI Chief Executive Officer (CEO) Sam Altman met Prime Minister Narendra Modi in New Delhi.

Altman in his meeting with PM Modi discussed the need for global regulation related to artificial intelligence.

OpenAI is the firm behind ChatGPT, an artificial chatbot.

Altman’s meeting with PM Narendra Modi holds significance as India is in the process of regulating AI through the upcoming Digital India Bill, which is likely to replace the Information Technology (IT) Act. As per reports, during the meeting PM Modi and Altman discussed the potential and opportunities of artificial intelligence in India together with the need for regulations to address the loopholes of this emerging technology.

Addressing the Digital India Dialogues event at IIT Delhi, Altman expressed his satisfaction with the meeting and added that the Prime Minister provided great answers on why India has embraced ChatGPT. In addition, he further elaborated that they talked about India’s prospects, the necessary steps for the country along with the importance of global regulations to avert negative consequences.

Furthermore, speaking about his company Altman said, they have spent almost 8 months on GPT for making sure that it was safe enough to release.

He mentioned that they build the technology and have worked with organisations to figure out what the limits should be and tested them all.

He also acknowledged that they think,  coordination and self-regulation is important. However, the world should not be left entirely in the hands of the companies.

In addition, narrating about his plan for India, Altman mentioned, the first thing he will do in India is to fund startups. Considering, India’s strong IT industry along with large set of data, AI-based utilities can leverage huge potential in the country.

Although, AI is still in its early stages. He expressed that they were always amazed and quite grateful for the quality of Indian startups. Following the meeting, PM Modi thanked Altman for the insightful conversation. He tweeted that the potential of AI in enhancing India’s tech ecosystem is indeed vast and that too among the youth in particular. He also welcomed collaborations that can accelerate digital

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India News

Caught on cam: 22-year-old man hits, stabs man on Delhi street, suspect arrested

The 22-year-old boys are identified as Kasim, the victim, and Sohaib, the attacker. However, police have taken Sohaib into custody.



man stabbing

A man has been seen hitting and stabbing another man on a road in yet another terrifying incident that has been reported from Delhi’s Nand Nagri PS area late on Thursday night.

The video of the incident has gone viral on the internet. A CCTV camera was present at the place of occurrence and recorded the entire incident.

The 22-year-old boys are identified as Kasim, the victim, and Sohaib, the attacker. However, police have taken Sohaib into custody.

Kasim first got hit by Sohaib before he noticed stabbing him with a knife as he lay on the road. Then, using the knife, the attacker stabbed the victim’s left elbow severely, causing a strange bend. Surprisingly, the witnesses did not try to help the victim or stop the attacker as he walked away.

Kasim’s mother was horrified after seeing her son in near to death situation. She rushed over to Kasim and took him in her arms. In the video, she can be heard screaming that her son has been stabbed repeatedly. The incident happened at about 10:30 p.m.

After that Kasim was taken to Guru Teg Bahadur Hospital (GTB) in Shahdara, Delhi. Later, he was sent to the Safdarjung Enclave Trauma Centre at the All India Institute of Medical Sciences (AIIMS), Delhi. He is receiving treatment and has not given the police a statement due to the serious injuries.

The accused and victim both lived in the same area and were known to each other. However, it is still unclear what has led to the conflict. Police has begun the investigation after the FIR was filed.

The case is similar to the 16-year-old Sakshi murder case in Delhi a week ago, a 20-year-old man Sahil made a gruesome attack on a girl called Sakshi, whom he stabbed more than 20 times and bludgeoned to death with a cement slab.

The next day, Sahil who had escaped the incident was arrested in Uttar Pradesh’s Bulandshahar.

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India News

Fire engulfs Delhi hospital, 20 newborns rescued

Delhi Fire Service Director Atul Garg said, at 1:35 am, they received a call about a fire to have broken out at a hospital. First, four teams were sent but later as they were informed there were 20 newborns trapped, again four more tenders were sent.



West delhi hospital fire

A fire broke out at a West Delhi hospital in the early hours of Friday, 20 newborns were rescued and no fatalities reported.

The incident reported at a Child hospital in the Vaishali colony of Delhi.

As many as nine fire fighting teams were effectuated to rescue the newborns from the deadly ablaze.

All 20 newborns were immediately shifted to other medical facilities after were rescued.

As per the Delhi police, 13 of the 20 rescued newborns were shifted to Janakpuri’s Arya hospital, two were shifted to a newborn child hospital in Dwarka, two were shifted to JK Hospital in Janakpuri and other three were discharged after rescue.

Reports said, the fire broke out at around 1:35 am after some furniture items caught fire, but was brought into control by the Delhi fire service team.

Delhi Fire Service Director Atul Garg said, at 1:35 am, they received a call about a fire to have broken out at a hospital. First, four teams were sent but later as they were informed there were 20 newborns trapped, again four more tenders were sent.

Garg said, he and his team reached the spot on time and were succesful in extinguishing the fire.

Garg also claimed the hospital did not have a fire NOC and it was just a one floor hospital.

Further investigation is underway to find out the reason behind.

The incident comes just a day after a massive fire broke out at a hospital in Lucknow.

An under-construction facility of the King George Medical University’s (KGMU) of Lucknow was engulfed with fire, which was later brought under control with no casualties reported.

A similar incident was reported from Mumbai early this morning, a huge fire broke out in a 5-storey building in the Zaveri Bazaar area of Mumbai, which trapped around 50-60 people inside the building.

However, with the efforts of 12 fire tenders team, all the people trapped were evacuated safely.

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