1
Harshad Mehta was a stockbroker who manipulated the stock market and made unlawful profits through the Ready Forward (RF) transaction. He is suspected of defrauding banks of around Rs. 5,000 crores.
2
The estimated amount of money lost in the Stamp Paper Scam is ₹20,000 crores (US$2.6 billion). However, some estimates put the amount as high as ₹30,000 crores (US$3.9 billion).
3
The "Sahara Scam" saw the Sahara Group collecting an astounding Rs 24,000 crore through optionally fully convertible debentures (OFCDs), later ruled illegal by SEBI.
4
Vijay Mallya was the owner of Kingfisher Airlines, which he ran into financial trouble. He is estimated to have defrauded banks of over Rs. 9,081 crores.
5
In the "Satyam Scam," the chairman of Satyam Computer Services confessed to inflating the company's financials by a whopping $1 billion, revealing a shocking case of corporate fraud.
6
Nirav Modi was a diamond merchant who used fraudulent Letters of Undertaking (LOUs) to obtain loans from Punjab National Bank. He is estimated to have defrauded the bank of over Rs. 11,400 crores.
7
The "Rose Valley Scam" promised land and property investments, but actually defrauded investors of approximately Rs 17,000 crore, causing widespread loss.
8
The Saradha Group was a Ponzi scheme that defrauded millions of investors of over Rs. 2,460 crores.
9
The 2G spectrum scam involved the fraudulent allocation of 2G spectrum licenses at below-market prices. The scam is estimated to have cost the government over Rs. 30,976 crores.
10
The "Stock Guru India Scam" exploited investor trust by offering investment tips, only to abscond with over Rs 1,500 crore, leaving many in financial distress.