Please refer to this article published in MoneyControl.com yesterday. I can’t post comments to the site (I don’t know why the Indian media will not allow posting of comments without moderation – I think it’s a violation of basic free speech rights which they keep demanding) so I’ve decided to write this.
While the author has made a good beginning, the list is absolutely incomplete which means no research was done at all to make the list. From the top of my mind, I can list these huge scandals in addition to what’s been listed:
The HDW Submarine Purchase Kickback – US$ 100 million in 1981 The same company is again pitching for new orders despite being banned by the government then
The Sugar Import Scam – US$ 160 Million in 1994
The Fodder Scam – US$ 250 Million in 1996
The Fertiliser Import Scam – US$ 330 Million in 1996
The Telecom Scam – US$ 400 Million in 1997 – I remember him because of the TV images I saw of tons of cash being found in the ministers home and also because his son’s name in same as mine, Anil Sharma!
The Kargil Coffin Scam – Everyone feels ashamed in mentioning this, so everything’s been forgotten about it.
The Telgi Stamp Paper Scam – over US $40 million in 2000
The UTI Scam – US$ 1.1 Billion in 2001
The Scorpene Submarine Scam – Only US$ 4.7 Billion in 2005. People forgot the earlier Submarine purchase scam by then.
The Madhu Coda Scam – US$ 900 Million in 2009
I suppose if someone did some more research, a longer list could be made. This magazine article claims that US$ 1622.22 Billion have been swindled away in India since 1992 when the modernization process started. The article is dated 23 Nov 2009 after which at least US$ 40 Billion more of scams have unraveled.
If you think that politicians have been put behind bars or these scam monies have been discovered and returned to the governments coffers, you’re wrong. I’ve been trying to get a Wikipedia page for myself – an honest tax paying citizen – and have failed. However, this Indian guy – Hassan Ali has his own Wikipedia page. His claim to fame – he owes US$ 11.11 Billion in taxes to the government as acknowledged by the Minister of State for Finance. He’s a small time stud farm owner and no one knows where he got his money from ! He’s not behind bars and neither will be.
If you know of more scams, like the Mining Scams, The Army Ration Pilferage Scams etc., please feel free to comment and add them to the list.