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Economy

In pictures: Five financial scams that rocked Indian markets

Updated : 2020-10-15 20:29:17

While a steady and progressive financial sector is the backbone of our economy, it can also emerge as a stage for corruption that may have an adverse impact on the nation.

Here is a look at five financial scams that shocked the entire nation. (Image: Reuters)
Here is a look at five financial scams that shocked the entire nation. (Image: Reuters)
1# The Satyam Computers scam:  The scam broke in 2009 when founder-chairman of Satyam Computers Ramalinga Raju, in an email to Sebi and stock exchanges, confessed of inflating the cash and bank balances of the company resulting in an overall misstatement of around Rs 12,318 crore. (Source: Flickr, Wikimedia Commons)
1#The Satyam Computers scam: The scam broke in 2009 when founder-chairman of Satyam Computers Ramalinga Raju, in an email to Sebi and stock exchanges, confessed of inflating the cash and bank balances of the company resulting in an overall misstatement of around Rs 12,318 crore. (Source: Flickr, Wikimedia Commons)
2#  Punjab National Bank scam:   In January 2018 it was found that companies owned by diamond merchants Nirav Modi and Mehul Choksi allegedly cheated Punjab National Bank (PNB) of over Rs 11,000 crore.
2# Punjab National Bank scam:  In January 2018 it was found that companies owned by diamond merchants Nirav Modi and Mehul Choksi allegedly cheated Punjab National Bank (PNB) of over Rs 11,000 crore.
3#  Housing Loan scam of 2010:   In 2010, the CBI uncovered details of a scam in which real estate developers allegedly bribed officials in top financial institutions with the aim of arranging loans reportedly worth over Rs 40,000 crore.
3# Housing Loan scam of 2010:  In 2010, the CBI uncovered details of a scam in which real estate developers allegedly bribed officials in top financial institutions with the aim of arranging loans reportedly worth over Rs 40,000 crore.
4#  Ketan Parekh scam:  Worth over Rs 1200 crore, the 2001 scam was linked to investor Ketan Parekh who siphoned a huge sum of money from banks. Later it was found by the joint parliamentary committee in 2005 that Parekh received large sums from banks and corporates when the Sensex was falling.
4# Ketan Parekh scam: Worth over Rs 1200 crore, the 2001 scam was linked to investor Ketan Parekh who siphoned a huge sum of money from banks. Later it was found by the joint parliamentary committee in 2005 that Parekh received large sums from banks and corporates when the Sensex was falling.
5#  Harshad Mehta scam:   In the 90’s Harshad Mehta, a stockbroker, raised funds from banks and illegally invested them in certain stocks listed in BSE to inflate their stock prices. Nicknamed ‘big bull,’ Mehta allegedly siphoned around Rs 1000 crore in this manner.  (image: Soujanya Raj, Wikimedia Commons)
5# Harshad Mehta scam:  In the 90’s Harshad Mehta, a stockbroker, raised funds from banks and illegally invested them in certain stocks listed in BSE to inflate their stock prices. Nicknamed ‘big bull,’ Mehta allegedly siphoned around Rs 1000 crore in this manner.  (image: Soujanya Raj, Wikimedia Commons)
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