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Scams That Rocked India is an eye-opening exploration into some of the most notorious scams that have shaken the nation since its independence. This meticulously researched book takes readers on a chronological journey through India's dark history of corruption, from the Jeep Scandal of 1948 to the more recent high-profile frauds. Each chapter delves deep into the intricate details of these scams, unveiling the masterminds behind them, the web of deceit they spun, and the eventual exposure that brought their illicit activities to light. Through gripping narratives and in-depth analysis, the book reveals how these scandals were orchestrated, the consequences faced by those involved, and the impact on the nation's economy and trust in governance. Beyond recounting the events, the book also examines the significant policy changes and reforms that followed each scandal. The book provides a critical look at how the Indian government and regulatory bodies responded to these crises, often resulting in stricter regulations and heightened vigilance. By highlighting the lessons learned and the steps taken to prevent future frauds, this book serves as both a historical record and a call to action for greater transparency and accountability in public and private sectors. Through its compelling storytelling and insightful commentary, Scams That Rocked India offers readers a comprehensive understanding of the complex interplay between power, money, and corruption in India's modern history.
Dalmia – the patriarch of one of the biggest conglomerates, once ranked third after the Tatas and the Birlas – is accused of financial misconduct, manipulation of joint-stock companies and tax evasion. Mundhra – a corporate raider! Plain and simple. He dealt in publicly listed shares and created a dangerous Ponzi scheme. Despite the stark differences, their crimes undeniably changed the course of the Indian business landscape. How were their crimes linked to the nationalization of India’s insurance business under the Life Insurance Corporation? What role did the then Prime Minister Jawaharlal Nehru’s son-in-law Feroze Gandhi play in the two exposés? Why was Dalmia singled out by the Nehru government? A definitive account of Independent India’s first known corporate scams, The Founding Fathers of Fraud details the scams committed by Ramkrishna Dalmia and Haridas Mundhra.
How do tax havens and syndicates running shell companies help fraudsters escape the long arm of the law? How does the ambiguity of valuation in the start-up ecosystem increase its vulnerability to corporate fraud? How are manufacturers and exporters from China exploiting India's Free Trade Area (FTA) with other countries to dump goods at artificially low prices in the Indian market? What challenges does the Belt and Road Initiative (BRI) of China pose for regulators of India? Why do people fall for Ponzi and pyramid schemes again and again? Serious frauds affect society and economy in damaging ways, belittling the common man's trust in the system. Yet, barely do we understand how these affect our lives. A first-of-its-kind, The Great Indian Fraud reveals how all such frauds result from the manipulation of complex financial transactions, involving simple mathematics and tricks, to deceive regulators, enforcers, business partners and customers. Drawing on his experience in the fields of forensic audit and financial investigation, author Smarak Swain explains the modus operandi behind some of the most notorious cases of fraud-Haridas Mundhra, Jayanti Dharma Teja, Harshad Mehta, Ketan Parekh, Hasan Ali Khan, B. Ramalinga Raju, Nirav Modi, Vijay Mallya, Nirmal Singh Bhangoo and many more-narrating the rise and fall of the greatest fraudsters of our times. Informative and skilfully narrated, The Great Indian Fraud is a must-read to understand how frauds happen, how law enforcement agencies handle crises, the sectors that witness maximum frauds as well as the emerging sectors that are at high risk.
India is a lumbering, elephantine State that cannot be expected to pivot around its heels, irrespective of the capability, intentions and skills of its present mahout. That may explain why it took 67 long years to resurrect prime minister-ship by electing for the first time a deserving astute down to earth eminently-suited politician who had tasted poverty and hard work and seems to be the one to relate to citizens’ aspirations and needs. He possesses vision and necessary will to transform a fledgling country into a mega economy and world power. Narendra Modi, as a truly nationalistic politician, may be taller than Nehru. He became the first ever PM to visit INA Memorial in Singapore. And the first Indian in four centuries to inspect a ‘Guard of Honor’ from the British Army in London! However, thanks to Congress party’s dirty politics, he inherited a deeply divisive polity, rusted three pillars of democracy muddled with long-nurtured anti-nationalistic media. Modi earned kudos whichever nation he visited. His maiden American trip four months after taking over was a raving success hitherto not achieved by any of his predecessors that included three trips each by Nehru and Indira and double that number by Modi’s incompetent and ineffectual immediate predecessor – a puppet in the hands of his Italy-born white Catholic lady boss! During the 18 months, Modi has been showing promise by undoubtedly raising the stature of the country globally. Back home, deeply and widely pervading corruption, divisiveness, illiteracy and lack of nationalism are sinister and life-threatening ailments needing drastic cure. We are corrupt and, therefore, elect corrupt politicians. The latest is Bihar's humongous mandate on communal lines: First-time MLA sons of a convicted (for corruption) politician become ministers – the ninth class-fail deputy CM and 12th class as health minister. Till the time we become dutiful, nationalistic and sincere the status quo is not going to change. We must ‘educate’ our masses in general but our youngsters who are the future custodians of the country in particular but not up to the mark in many ways. The generations born after independence have to understand the true account/value of the hard-won freedom and imbibe our civilization and culture. Only then the misconceptions on created ‘fictional’ heroes can be rectified. Only then our younger folks can appreciate the importance of their duties to their motherland. Our politicians must become Hindustanis first and foremost, start working for the benefit of their compatriots rather their own families. They must forthwith stop eschew vote-bank politics. Only when all of us are patriotic enough we can offer a united front against biggest threat to us from terrorism incited and inflicted by Pakistan for decades; aided and abetted by so many anti-nationalistic political parties who also will have to mend their nasty ways and allow the parliament to function smoothly so that agenda on economic reforms can move forward. All of us have to contribute whole-heartedly for progress and development. Every citizen irrespective of caste/creed must exhibit an apparent firm and free will to work towards the betterment of the land. We must weed out the mindset where people live here but their loyalty lies elsewhere as dictated by the leaders of their faith. No religious law can take priority over the national law. There has to be common civil code so that everyone is treated equally. The way things stand today, we are only going down and down. This will continue unless we correct our mindset and course radically! Hindus’ extreme tolerance during last millennium led to rise of intolerant Islam aided and abetted by Congress and its cronies and like-minded parties. Hindustan has been looted and marauded by foreigners and bled high and dry of its richness and natural resources. Alas! This loot continued after independence by parties in power. Modi has somehow disturbed the looters’ political thought process by challenging it with their ideology and hence has been declared 'Intolerable' since they see no future if Modi continues the good work for his motherland. I do hope that our people wake unitedly to become truly democratically independent nation. Our paid, purchased and partisan media will have to become neutral, non-biased and nationalistic. If not contained, our electronic media, left liberals and pseudo-seculars wil ruin the country. The anti-nationalistic politicians must shun their derogatory practices of belittling the country in every forum and seriously consider their duty and debt to their motherland as their primary function. Otherwise, we are not far from our doomsday. Thus it is now or never for us Hindustanis to rise and stand erect steadfast!
Governance and ethics are intertwined. A government functions within certain broad moral and ethical parameters, integrally linked with the sociological foundation of the polity in which it is articulated. The importance of ethics in governance has acquired a significant place in contemporary theoretical discussion. This book situates ethics in governance in India in the national frame and incorporates the context of globalization, allowing for the increasing importance of non-state global actors in national decision making. The author argues that a lack of ethics quickly turns into corruption and leads to governmental efforts to deal with it. He proposes that ethics are a set of standards that a society places on itself to articulate its responses to societal needs, and discusses the efforts of the Indian government at eradicating corruption and its failure. A theoretical approach to the issues of ethics in governance and corruption, this book is of interest to academics in the fields of Asian Politics, in particular Indian politics, and political philosophy.
During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. The past few decades have been eventful for these issues. Today, tackling money laundering and terrorism financing are considered key issues in developed and developing countries alike. Eradication of money laundering and terrorism financing through a holistic approach of awareness, prevention, and enforcement is a current need. It has enabled the birth of new regulatory regimes based on strict compliance, robust processes, and technology. One of the many problems with this is the lack of general awareness about all these issues among various stakeholders including researchers and practitioners. Money Laundering and Terrorism Financing in Global Financial Systems deepens the discourse about money laundering, terrorism financing, and risk management in a modern-day environment. It provides a fascinating and invaluable guide for understanding the theory, practice, and cases of these topics. Split into two sections, the first being money laundering and terrorism financing and the second being financial governance and risk management, the chapters create comprehensive knowledge on these acts of crime in the financial industry by defining the crimes themselves, the many challenges and impacts, and potential solutions. This book is ideal for government officials, financial professionals, policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
Corruption in India today is pervasive, omnipresent, and diverse, covering every branch of the Indian state and key sectors of the economy. Far from declining and fading away, as predicted, with deregulation and liberalization, it has increased exponentially in the twenty-first century at all levels-central, state, and local. It can be seen today as a normal, not a pathological, condition within the political economy. In several states, corruption involving politicians, bureaucrats, businessmen, and in some cases, criminal elements has graduated to a new qualitative stage, transforming itself into a well-oiled, rule- and rate-bound and self-propelled system of collecting and sharing the illicit spoils of office. In this seminal book, N. Ram, who led the investigation into the Bofors grand corruption scandal, attempts to get a measure of 'political corruption' in contemporary India, and explains why it has become an intractable problem
An attempt to analyze the events of the alleged scandal which took place in the Indian stock market during 1992.
An orphanage in a sleepy town of India. A predatory politician drunk on power. An outraged inmate and her retributive justice. Her unexpected drifting into a different world. And her exploits there that are anything but commonplace. “I, ANAMIKA . . .” is an emotional, adventurous journey into the diabolical yet delectable world of politics. Come, fasten your seat belt and enjoy the ride!
The emergence of democracy as a historical form of government is stemmed from the idea of a nation-state. The Constituent Assembly desired the democracy to ensure the liberty of opinion through fraternity of the individuals, castes and communities to accomplish the equality and justice to make India a nation. India made gigantic developments in the fields of economic growth and in building the institutions and integrating various sections of people into the democratic polity. This work establishes the transformation of dominant castes into political organs and the nucleus of parties. The caste hierarchy thus turns out to be the foundation and, even, a reason for the success of the electoral democracy. The constitutional objectives set for the governments have however been infringed, thus democracy turned to promote capitalism and authoritarian regimes causing mass unrest. That necessitated the bygone Hindutva to come back and take forward the agendas of caste, capitalism and authoritarianism. Democracy has been passing through a crisis of conflicts – caste and community – at various stages of its evolution. The ordinary people at different stages had taken democratic stands turning the democracy to the right path through protests and voting. Of late the caste movements for empowerment set terms for democracy to move on. The caste movements, however with sub-caste interests, ignored the conscientiously arrived concept of ‘justice’. The constitution specified that might have brought the people, parties and governments together for achieving the set objectives of democracy and the nation-state.