We’ve either read or heard or even watched the Harshad Mehta scam. But does that mean that was the last scam and no one ever took advantage of the Indian financial systems? Well, certainly if you did think so, let’s just say, you’re wrong.
There have been a few more financial scams similar to the Harshad Mehta scam. But too bad, they did not make it to the OTT platforms. Sad they did not get a chance to be famous like Scam 1992 just kidding.
Here’s the list of some other, sort of similar financial Indian scams:
1. The Ketan Parekh scam
In the 90’s Ketan came in contact with Harshad Mehta. He made a deal with Mehta’s stock scam at that time. The main game was played by obtaining funds from banks in metro cities like Kolkata, Mumbai, etc. He then artificially inflated the stock price. Which made people fall for the initial trap and invest more. He also had his own stock named, K-10 stocks. When the entire case was investigated, he was charged guilty of rigging. That made him get banned from the Indian Stock Exchange. He was initially charged with a sum of, 137 crores of defrauding Bol and defrauding MMBC of 1030 crores.
2. The Ramalinga Raju Satyam scam
Ramalinga, an Indian businessman, was the former CEO of a computer company named Satyam company. The company became one of his major profit ventures. The main brainstorming he did was to give false applications about the company’s finance to the bank. There was an amount close to Rs. 5000 crores that were out of the company’s accountability. That was either invested in stocks, regulators, investors, etc. This all happened between 2003 and 2008. Later when all came to light, Raju was sentenced to 7 years of imprisonment and a penalty of 5 crores.
3. The C R Bhansali Scam
The Bhansali scammed happened back in 1995. The scam was very well planned, and it actually took the people to understand it for quite some time. Bhansali belonged to a middle-class family in Kolkata. He had a degree in commerce. The plan was by him offering schemes to people, in the name of stocks that didn’t even exist. By this method, he earned a lot of money from the CRB. But later when the stock market crashed. The SBI saw the pattern of scam, that’s when it came to the public’s eye. But by then, Bhansali already scammed many people with his super witty plan.
The case has been ongoing for a long time now. But in between, Bhansali fled to Hong Kong for an escape. Though he and his family had to return to India, and that’s when he was arrested for this heinous fraud.
4. The Jignesh Shah NSEL Scam
Yet another similar scam to the Harshad and Ketan scam. Jignesh is the former founder and CEO of the MCX. With that he had a huge amount of profit, but, that wasn’t really something very honest, he obviously is a fraudster just like the rest of them in this list. Jignesh had to exit all this stock business. Though he made around Rs. 5,000 crores through it. He became the target of the politicians and media. But after everything was investigated, it was found out that, according to the judiciary, whatever he was doing was not something very honorable. Basically, he was scamming people, duh.
5. Saradha Scam
Perhaps one of the most recent and highlighted scams is the Saradha Scam. This scam mainly cheated poor farmers of Assam, Bengal, Odisha and Jharkhand. With a worth over 1200 crores. The man behind the entire scam, Sudipta Sen tried to flee away. But fortunately was caught and arrested in 2013.
After all the scams, it’s honestly my time to check my bank account. Which is apparently protecting a 3 digit with its 4 digit pass-code.