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People of eIndia let this be purely for your awareness to show what really goes on behind the closed doors. Don't think that the equivalent doesn't go on with the so called 'trusted members' and 'heros of eIndia'. I have been monitoring the situation undercover throughout eIndia for the past 12 months or so and I won't mention names but those responsible know who are they are and should feel ashamed to call themselves an eindian.
Anyway enough ranting, read on and be shocked by these true facts....


With so many scams and scandals hitting the headlines during 2010, virtually pushing other national issues to the background, an effort has been made by some public spirited citizens to compile a list of past and present scams to put the present bunch of scams -- 2G, CWG, IPL, etc -- in perspective.
According to the compilation, the total amount of money involved in various scams over the last 12 years alone, since 1992, is estimated to be over Rs 80 lakh crore (Rs 80 trillion) or $1.80 trillion!
While this figure is not claimed to be a definitive calculation, it has been arrived at on the basis of material published in newspapers over the years.
Here is a check-list of some of the major corruption scandals and corporate frauds that hit the headlines and the estimated amounts alleged to have been involved.

At a mind-boggling Rs 176,000 crore (Rs 1.76 trillion), the 2G spectrum allocation scam is by far the biggest scam in India. The Supreme Court recently said the spectrum scam has put 'all other scams to shame'.
The incident saw former telecom minister A Raja being forced to resign after the CAG indicted him in the 2G spectrum scam that resulted in a loss of about Rs 176,000 crore to the national exchequer.
Even as investigations in to the scam -- which has now become a political hot potato with the Opposition gunning for the government, demanding a JPC and the ruling UPA adamant on not giving in -- are on, it has come to light that politicians, corporate lobbyists, business houses and even the media might have played a big role in it.
The scandal revolves around the alleged irregularities in allotting wireless radio spectrum and licences by the telecom ministry to private operators -- some of whom were ineligible -- in 2007. Licences were given and spectrum allocation was done at an extremely low price leading to a gargantuan loss to the national coffers.
The biggest corporate scam in India came from one of the best known businessmen.

Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books.
His efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed, after which he decided to confess the crime.
With a fraud involving about Rs 8,000 crore (Rs 80 billion), Satyam remains one of India's biggest ever corporate scams.
He was known as the 'Big Bull'. However, his bull run did not last too long.
He triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments.
Taking advantages of the loopholes in the banking system, Harshad and his associates triggered a securities scam diverting funds to the tune of about Rs 5,000 crore (Rs 50 billion) from the banks to stockbrokers between April 1991 to May 1992.

Harshad Mehta worked with the New India Assurance Company before he moved ahead to try his luck in the stock markets. Mehta soon mastered the tricks of the trade and set out on dangerous game plan.
Mehta has siphoned off huge sums of money from several banks and millions of investors were conned in the process. His scam was exposed, the markets crashed and he was arrested and banned for life from trading in the stock markets.
He was later charged with 72 criminal offences.

A Special Court also sentenced Sudhir Mehta, Harshad Mehta's brother, and six others, including four bank officials, to rigorous imprisonment (RI) ranging from 1 year to 10 years on the charge of duping State Bank of India to the tune of Rs 600 crore (Rs 6 billion) in connection with the securities scam that rocked the financial markets in 1992. He died in 2002 with many litigations still pending against him.
Pune-based real estate consultant Hassan Ali Khan was the main accused in a case involving alleged money laundering to the tune of $8 billion (Rs 39,120 crore), and suspected tax evasion.
The Mumbai Income-Tax department had sent him a notice demanding Rs 40,000 crore for not disclosing funds in several foreign bank accounts, including $8 billion in an account in UBS AG, Zurich.
Post-Independence, India lost a staggering $462 billion, or about Rs 21 lakh crore, in illicit financial flows due to tax evasion, crime and corruption, a research and advocacy group has said in a report.

The report released by Washington-based Global Financial Integrity (GFI) found that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from India.
According to the primary findings of the report titled 'The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008', India lost a total of $213 billion in illicit financial flows (or illegal capital flight).
These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.
"The present value of India's total illicit financial flows (IFFs) is at least $462 billion. This is based on the short-term US Treasury bill rate as a proxy for the rate of return on assets.
India's aggregate illicit flows are more than twice the current external debt of $230 billion," the report said.
Based on the last five years of the study, 2004-2008, India lost assets at a rate of US $19 billion per year.

The chief executive officer of LIC Housing Finance Ramachandran R Nair and seven others, including three top officials of public sector banks, were recently arrested in connection with a multi-crore housing finance racket recently.
Apart from Nair, those arrested are Naresh K Chopra, secretary (investment), LIC; R N Tayal, general manager of Bank of India (Delhi); Maninder Singh Johar, director (chartered accountant) of Central Bank of India; and Venkoba Gujjal, deputy general manager, Punjab National Bank (Delhi).
Rajesh Sharma, chairman and managing director of Mumbai-based firm Money Matters Ltd and two of its employees -- Suresh Gattani and Sanjay Sharma-- were also among those arrested, CBI said. Money Matters was allegedly acting as a middleman for loans.
The officials allegedly colluded with the firm to sanction large scale corporate loans, overriding mandatory conditions for such approvals along with other irregularities.


I could go on with many more as the list is endless but I hope this gives a good portrayal, vote, comment and sub if you want to read about more. I will create another article with more if you so wish.