There is no secret that rampant corruption is everywhere in India. Indian has been on the list of the most corrupt countries in the world. Indian administration and red-tapism have really no match anywhere in the globe.
The country politics are actually free from any blame. This is because politics is the dirty business and politicians are highly involved in the corrupt practices to earn more asset for them by tarnished the country reputation.
So far, Indian people have seen so many cases of corruption and scams on the country-wide level. Here is the list of five biggest scams in Indian history, which blow the Indian economy and reputation massively.
List of the biggest scams in Indian politics
Indian coal allocation scam
India coal allocation scam is also called as the Coalgate scam. CAG (Comptroller and Auditor General of India) have found that the Indian government exchequer has to put up with the loss of Rs. 1.86crore. It is because instead of auctioning the coal blocks, the government allocated them at the lower price casually than what the original price of the coal blocks has been.
The Supreme Court has ruled, which all the coal blocks between 1993 and 2010 were completely illegal. The former PM Manmohan Singh, P.C. Parakh and Kumar Mangalam Birla were accused and then summoned by the special court.
2G spectrum scam
This was another Biggest Scams in Indian Politics, which has tarnished the UPA-2 image. The Congress-led combination government politicians were accused of under-charging Telecommunication companies and made uninformed spectrum allocations.
CAG has found the gap of Rs. 176645 corers between the collected money and the money that should have been collected based on the law. In this issue, the member of the Lok Sabha, A. Raja and former Tamil Nadu CM, M. Karunanidhi daughter were accused and arrested for illegal practices. Recently, both of them have been released from this case.
Bihar fodder scam
Bihar former CM, Lalu Prasad Yadav supposedly thought to one of the major perpetrators of the Bihar fodder scam. This scam was spanned all through the late 80s and early 90s. This issue was related to forging the important documents of the Bihar animal husbandry department that supplies, medicines, fodder, and artificial insemination instruments for the livestock throughout the state. The big network of government officials, politicians, and senior administration officers have involved in the scam.
One of the biggest accounting scams in India so far is the Satyam scam. Satyam company founder has confessed to forging the companies’ accounts and offering fake information about the interest liabilities, revenues, operational profits, and cash balances to the board, investors, regulators, and other stakeholders. In April 2015, the company founder Ramalinga Rajy and his brother sentenced to seven years in jail and fined for Rs. 5.5crore.
Hawala means the informal value transfer system, which is believed to be the biggest scams in India that involving the names of the well-recognized politicians who received money from the hawala brokers. Surinder Kumar Jain is the main accused of this scandal. Politicians involved in the scam were Balram Jakhar, L.K. Advani, and V.C. Shukla.