Financial scams: India

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This is a collection of articles archived for the excellence of their content.

Some notable financial scams in India

India Today Lax regulation and pathetic conviction have seen a surfeit of major scams since the 1992 Securities Scandal

Securities scandal, 1992

Harshad Mehta and other brokers used forged bankers’ receipts and manipulated banks to siphon off money. This money—to the tune of Rs 4,100 crore—was used to rig the stock market.

CRB Capital, 1996

Chairman C.R. Bhansali was accused of using CRB’s accounts in SBI to siphon off Rs 1,031 crore using refund warrants.

Plantation, 1998

Companies raised money from the public, offering them astonishing returns for investing in plantation companies.

US 64 scam, 2000

Companies used money and political influence to get the Unit Trust of India to invest in dubious scrips leading to a loss in the NAV of Unit 64 and a bailout of over Rs 3,300 crore.

Ketan Parekh scam, 2001

One-time Harshad Mehta acolyte Ketan Parekh (left) used over Rs 3,800 crore from cooperative and nationalised banks to rig share prices.