1. Vijay Mallya – Rs. 9000 Crore
There was a time when people used to call him the ‘King of good times’, but today things are far from being good for him. We’re talking about liquor baron Vijay Mallya. In 2016, Mallya absconded the country and sought refuge in the UK after he was accused of fraud and money laundering in the country. Vijay Mallya allegedly owes various banks over Rs 9000 crores, which he'd taken as a loan to keep his now defunct Kingfisher airlines from failing. He was recently declared a fugitive economic offender under the Fugitive Economic Offenders Act.

2. Coalgate Scam – Rs. 1.86 lakh crore
The coal allocation scam or ‘Coalgate’ is a political scandal that surfaced in 2012 when the UPA government was in power. The scam was brought to notice by the Comptroller and Auditor General (CAG), when they accused the government of illegally allocating 194 coal blocks between 2004 and 2009. This was one of the scams that shook the whole nation from its core as many bureaucrats and politicians were involved in this. Although the CAG initially estimated the loss of over Rs 10 lakh crore, the final report mentioned the scam amount was Rs 1.86 lakh crore.

3. 2G Spectrum scam – Rs. 1,76,000 crore
In 2008, the government came under scrutiny when it was alleged that they had undercharged mobile telephone companies for frequency allocation licenses that were used to create 2G spectrum subscriptions, and at the centre of this controversy was the former Telecom minister A. Raja himself. The CAG had stated that “the difference between the money collected and that mandated to be collected was Rs. 1.76 trillion.” (Rs. 1,76,000 crore) In 2012, the spectrum was declared as “unconstitutional and arbitrary” by the Supreme Court and led to the cancellation of over 120 licenses.

4. Commonwealth Games scam – Rs. 70,000 crore
In 2010, the Commonwealth Games held in India made more headlines for the controversies and corruption it was involved in than the games itself. The whole event was marred with accusations of criminal conspiracy, cheating and forgery and the chairman of Common Wealth Games 2010 Suresh Kalmadi was accused of corruption and malpractices. It was also reported that the Indian athletes were forced to stay in terrible conditions instead of the accommodation allotted to them by the authorities.

5. Nirav Modi PNB Bank fraud – Rs. 11,400 Crore
Diamonds are a man or woman’s best friend, but diamantaires like Nirav Modi are not. One of the most controversial scams, this fraud reportedly took place through Punjab National bank’s Brady house brand. Not just Nirav Modi, his uncle Mehul Choksi and two senior PNB officials were also involved in this fraud. In 2018, PNB filed a case with CBI accusing Nirav Modi and the companies he was connected to of obtaining Letters of Undertaking (LoUs) from PNB without paying up the margin amount against loans. This meant that if those companies failed to pay the loan, PNB would have had to pay the amount.

Watch Scams In India By Torani Makana.

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