As ‘Scam: 2003’ is all set to be released on Sony Liv based on the life of Abdul Karim Telgi, here’s looking at some of the greatest financial scams in India.
India’s financial domain has been marred by a series of sensational scandals that have sent shockwaves throughout the nation. Ranging from the colossal Telgi scam, which ran into hundreds of crores, to the infamous Commonwealth Games scandal, these are the tales of India's most significant financial frauds in recent history.
Vijay Mallya, infamous as the ‘King Of Good Times’, turned out to be a mastermind. His Kingfisher Airlines defaulted on loans worth over ₹9,000 crore which led to his departure from India, making headlines and even inspiring documentaries like ‘Bad Boy Billionaires: India’.
The name Abdul Karim Telgi became synonymous with the monumental stamp paper scam in 2003. He orchestrated a sophisticated racket involving counterfeit stamp papers, causing a loss of approximately ₹30,000 crore making it India’s biggest financial scam to date. The story of his fraudulent empire is set to be revealed in ‘Scam 2003 - The Telgi Story’ on Sony Liv.
Nirav Modi's involvement in the ₹14,000 crore Punjab National Bank (PNB) scam sent shockwaves through the nation. This jewellery tycoon's alleged involvement in fraudulent transactions sparked an international manhunt. This also features in the docu-series ‘Bad Boy Billionaires: India’ and ‘In the Shadows Of The Indian Banking Crisis’.
Harshad Mehta’s securities scam of 1992 was one of the earliest to shake India’s financial fabric. Exploiting loopholes in the banking system, he manipulated stock prices, leading to a market crash. Sony Liv brought to life this scandal in ‘Scam: 1992’ and it adds a dramatic touch to the intriguing story.
Subrata Roy, the founder of Sahara Group, was implicated in a massive financial scandal involving unregulated deposit schemes. Roy collected billions from investors with the promise of high returns, ultimately defrauding many. His story, is featured in ‘Bad Boy Billionaires: India’.