FRAUDS IN INDIA -NOTABLE SCANDALS IN FREE INDIA


NOTABLE SCANDALS IN FREE INDIA 
A TREATISE ON ECONOMIC SYSTEM 
By :: Pt. Santosh Bhardwaj
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It includes Bribery, Cronyism Kleptomaniac, Economics of corruption, Electoral frauds, Legal plunder, Nepotism, Slush fund, Plutocracy, Political scandal etc.
SARADHA PONZI SCHEMES (2013), Rs.30,000 Crore: West Bengal Kunal Ghosh, Sudipto Sen and many more. Financial scam caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds. Involvement of CM is suspected.West Bengal transport minister and TMC MLA Madan Mitra was also arrested.
COAL GATE (2012), Rs.185,591 Crore: National  Comptroller and Auditor General of India, the coal ministry, many electricity boards and private companies. Coal blocks  were not auctioned. Supreme Court canceled all 214 coal blocks allocations, since 1993. Government to e-auction the coal blocks now. Involvement of PM not ruled out.
UP NRHM (2012), Rs.10,000 Crore: Babu Singh Kushwaha. Babu Singh Kushwaha and IAS Pradeep Shukla behind bars. Involvement of Ex. CM not ruled out.
2G SCAM (2008), Rs.176,000 Crore: Nira Radia, A. Raja, M. K. Kanimozhi, many telecommunications companies communication bandwidth auctioned for lower than market value. A. Raja and M. K. Kanimozhi have been in Tihar Jail for 15 months and 5 months respectively.They have been charge framed. Involvement of PM not ruled out.
UP FOOD GRAIN SCAM (2003), Rs.35,000 Crore: Ex. CMs. Mulayam Singh Yadav, & Mayawati. Food which the government purchased to give to the poor was instead sold on the open market. Central Government protected them to save itself from falling.
HARYANA TEACHERS RECRUITMENT SCAM: Ex. CM Om Prakash Chautala (Indian National Lok Dal) and his son Ajay Singh Chautala have been convicted for 10 years in teacher recruitment scam.
BIHAR FODDER SCAM Rs. 9.5 billion (US$150 million): Ex. CMs Lalu Prasad Yadav (Rashtriy Janata Dal), Jagannath Mishra (Congress) and Lok Sabha MP Jagdish Sharma (Janata Dal United) have been convicted in fodder scam. Lalu Prasad Yadav and Jagdish Sharma have also been disqualified from the parliament for corruption.
COMMONWEALTH GAMES SCAM Rs.700 billion (US$11 billion): Suresh Kalmadi (Congress) was in jail for 10 months for interrogation in Commonwealth games scam.
ODISHA CHIT FUND SCAM: Odisha MP Ramchandr Hansd (Biju Janata Dal) MLA Pravat Tripathy (Biju Janata Dal) and former Odisha MLAs Subarn Naik (Biju Janata Dal) and Hitesh Kumar Bagarti (BJP) have also been arrested for ponzi scam. Rajya Sabha MP from West Bengal Srinjay Bose (TMC) has also been arrested.
MBBS SEATS SCAM: Rajya Sabha MP Rasheed Masood (Congress) is convicted for 4 years in MBBS seats scam. He is also disqualified from the parliament for corruption.
DISPROPORTIONATE ASSETS CASE: MLA Baban Rao Gholap (Shiv Sena) & his wife convicted for 3 years and he is disqualified from Maharashtr assembly for corruption.
CREMATION SHED SCAM: Rajya Sabha MP T. M. Selvaganapathy (All India Anna Dravid Munnetr Kazhagam) convicted for 2 years and disqualified from the parliament for corruption.
POWER THEFT SCANDAL: MLA Suresh Halwankar (Bhartiy Janata Party) and his brother Mahadev were sentenced to three years' imprisonment in a power theft case. Suresh Halwankar is disqualified from Maharashtr assembly for corruption.
JALGAON HOUSING SCAM: Former Maharashtra Housing Minister and Shiv Sena MLA Suresh Jain has been jailed since last 27 months.
DISPROPORTIONATE CASE AGAINST JAI LALITA: (All India Anna Dravid Munnetr Kazhagam) She has sentenced to four years in jail and fined Rs 100 crore. She has automatically been disqualified from the post of CM and legislative assembly of Tamil Nadu and is the first chief minister to be disqualified.
MADHU KODA JHAR KHAND: He was in jail for 40 months for interrogation in disproportionate asset case. Ex-Jharkhand Minister Bhanu Pratap Shahi is entangled in disproportionate asset case Jharkhand medical equipment scam.
DIAL SCAM: Central government lost Rs.1669.72 billion (US$26 billion) by undue favors to GMR-led DIAL. DIAL (Delhi International Airport Limited) is a consortium of the GMR Group (50.1%), Fraport AG (10%), Malaysia Airports (10%), India Development Fund (3.9%), and the Airports Authority of India (26%).
Cash for Vote Scandal.
Scorpene deal scam, Navy War Room spy scandal.
The Satyam scam.
Taj corridor scandal.
Hawala scandal.
Maharashtra Irrigation Scam–Loss of about, Rs.720 billion (US$11 billion). At present the matter is under the scanner of investigating / intelligence agencies of India. Ajit Pawar and Sunil Tatkare of the Nationalist Congress Party are the prime accused.
Maharashtra Sadan Scam-Chhagan Bhujbal of the Nationalist Congress Party is the prime accused.
SNC lavalin power project scam, Rs.3.74 billion (US$59 million).
Maha Rashtr Adarsh Housing Society scam.
Gegong Apang Public Distribution System-PDS] scam, (2010), Rs.1,000 (US$16).
Mumbai International Airport Ltd (MIAL) scam, Rs.5,000 crores-FIRs have been registered against GVK (conglomerate) and Airports Authority of India officials for cheating and forgery. The project was deliberately delayed by 3 years to pass Rs.5,000 crores undue benefit to GVK (conglomerate).
Avin scam-adulteration of milk supplied from various societies of Tamil Nadu state milk union, resulting in a scam estimated to be Rs.27 lakhs per day for 10 years. The investigating agencies then traced the owner of the truck to be Vaidyanathan and arrested him in Chennai.
Smart City, Kochi scam, JV between Government of Kerala and TECOM Investments a subsidiary of Dubai Holding.
Cash for MLC seat scam, Ex-Chief Minister of Karnataka and Janata Dal (Secular) floor leader H.D. Kumaraswamy.
Leader Of Opposition in the Goa state assembly and ex Chief Minister of Goa Pratap Singh Rane bribery case.
Haryana& Rajasthan illegal mining in Aravalli Range mountains.
Siliguri Jalpaiguri Development Authority or SJDA scam, West Bengal-200 crores.
Reliance Jio spectrum auction rigging scam.
Odisha Industrial land mortgage scam, Rs.52,000 crores.
The National Herald (India) Land Scam.
Vyapam Scam - India's biggest medical education scam unearthed in Madhy Pradesh.
Madhy Pradesh state Farmers Welfare and Agriculture Development Minister Gauri Shankar Chaturbhuj Bisen disproportionate assets case-2000 crores.
Hari Kumar Jha, 1987 batch Indian Forest Service (IFS) officer,disproportionate assets case-Rs.15 crore.
Nationalist Congress Party (NCP) unaccounted cash case, Rs.34 crores.
Haryana Urban Development Authority (HUDA) discretionary quota plot scam.
Jyotiradity Madhavrao Scindia land grabbing case.
Madhy Pradesh State Joint Director-Industries, R.C. Kuriel, disproportionate assets case.
Mayank Jain,1995 batch IPS officer of Madhy Pradesh cadre, disproportionate assets case.
Rajasthan Housing Board (RHB) arbitrary lease allotment of property.
HPCA illegal land allotments scandal, Prem Kumar Dhumal and Anurag Thakur have been charge sheeted in HPCA scam.
Indian Railways-Railtel Corporation of India mobile scam.
Hindustan Aeronautics Limited and Rolls-Royce defense scam, Rs.10,000 crores.
Air India Family Fare Scheme scam.
Bokaro Steel Plant recruitment scam.
Gujarat arbitrary land allotments scandal.
Kribhco and fertilizer giant Yara International fertilizer fraud controversy.
Delhi Jal Board scam-Rs.10,000 crores.
Indian Railways "emergency quota" tickets scam.
Siddhartha Mehrotra (2013), Grocery Scam, Gurgaon.
Virbhadr Singh bribery controversy, Rs.2.4 crores.
Madhy Pradesh Pre medical test scam.
Madhy Pradesh wheat procurement scam, 4 crores-Payments worth 4 crores have been made for fake wheat procurement from farmers.
Madhy Pradesh IAS couple Arvind Joshi and Tinoo Joshi disproportionate assets case.
Gurgaon Toll plaza scam-operated by DSC Ltd.
EPFO (Employee Provident Fund) scam.
Haryana seed scam, Rs.5 crore.
Directorate General of Civil Aviation-DGCA 'free ticket' scam.
LTC (Leave Travel Concession) Scam.
Radia tapes controversy.
NSEL Scam, Rs.5500 crores.
Railway iron ore freight scam-Rs.17000 crores.
Uttar Pradesh illegal sand mining.
Vodafone tax Scandal, involves Rs.11,000-crore, tax dispute case in India. There were corruption charges on Kapil Sibal because of Law ministry's U-turn to agree to conciliation in Vodafone tax case.
Railway promotion scam, CBI booked Union railway minister Pawan Kumar Bansal's nephew for allegedly accepting a bribe of Rs 90 lakh from a Railway Board member.
2013 Indian Premier League spot-fixing and betting case-Sreesanth, Ajit Chandila and Ankeet Chavan were banned for life from cricket.
2013 Kerala solar panel scam.
Odisha Land allotment Scam, (2012-2013) Indian helicopter bribery scandal.
Granite scam in Tamil Nadu–Loss of about Rs.160 billion (US$2.5 billion).[ At present the matter is under the scanner of investigating-intelligence agencies of India].
Highway scam, Rs.160 billion (US$2.5 billion).
Kinetic Finance Limited Scam–Banks lost about Rs.2 billion (US$31 million). At present the matter is under the scanner of investigating-intelligence agencies of India.
Ultra Mega Power Projects Scam–Central government lost, Rs.290.33 billion (US$4.6 billion) due to undue favours to Anil Ambani-led Reliance Power.
Forex derivatives scam, Rs.320 billion (US$5.0 billion).
Service tax and Central Excise Duty fraud,Rs.191.59 billion (US$3.0 billion) crore).
Maharashtra stamp duty scam, Rs.6.4 billion (US$100 million).
Maharashtr land scam.
MHADA repair scam, Rs.1 billion (US$16 million)
Ministry of External Affairs gift scam.
Himachal Pradesh pulse scam.
Flying Club fraud, Rs.1.9 billion (US$30 million).
Andhra Pradesh liquor scam.
Jammu and Kashmir Cricket Association scam,Rs.500 million (US$7.9 million).
Jammu and Kashmir PHE scam.
Jammu and Kashmir recruitment scam.
Jammu and Kashmir exam gate.
Jammu and Kashmir dental scam.
Punjab paddy scam, Rs.180 million (US$2.8 million).
NHPC cement scam.
Haryana forest scam.
Girivan (Pune) land scam.(not to be confused with Pune land scam which came to light during 2011).
Toilet scam.
Uttar Pradesh stamp duty scam, Rs.1200 crore (US$190 million).
Uttar Pradesh horticulture scam, Rs.700 million (US$11 million).
Uttar Pradesh palm tree plantation scam, Rs.550 million (US$8.6 million).
Uttar Pradesh seed scam, Rs.500 million (US$7.9 million).
Uttar Pradesh elephant Memorial scam-1400 crores.
Uttar Pradesh LACCFED scam.
Patiala land scam, Rs.2.5 billion (US$39 million).
Tax refund scam, Rs.30 million (US$470,000).
Bengaluru Mayor's fund scam.
Ranchi real estate scam.
Delhi surgical gloves procurement scam.
Aadhar scam.
BEML housing society scam.
MSTC gold export scam, Rs.4.64 billion (US$73 million).
TIN scam.
Haryana Forest Development Corporation Cash Scam.
Nayagaon (Punjab) land scam,(2011)
Bellary mining scam, Belekeri port scam.
Tatra scam, Rs.7.5 billion (US$120 million).
LIC housing loan scam.
NTRO scam, Rs.8 billion (US$130 million).
Goa mining scam.
Bruhat Bengaluru Mahanagar Palika scam, Rs.32.07 billion (US$500 million).
Himachal Pradesh HIMUDA housing scam.
Pune housing scam.
Pune land scam.
Orissa pulse scam, Rs.7 billion (US$110 million).
Kerala investment scam,Rs.10 billion (US$160 million).
Mumbai Sales Tax fraud, Rs.10 billion (US$160 million).
Maharashtra education scam, Rs.10 billion (US$160 million).
Maharashtra PDS scam.
Uttar Pradesh TET scam, Former Director of UP Madhyamik Shiksha Parishad Sanjay Mohan is prime accused.
Uttar Pradesh MGNREGA scam.
Orissa MGNREGA scam.
Indian Air Force land scam.
Bihar Solar lamp scam, Rs.400 million (US$6.3 million).
EPFO scam, BL Kashyap, Rs.1.69 billion (US$27 million).
Assam Education scam.
Pune ULC scam, (2010).
ISRO's S-band scam (also known as ISRO-Devas deal), Rs.2,00,000 Crore (US$3,100). The deal was cancelled.
Andhra Pradesh Emmar scam, Rs.25 billion (US$390 million).
Karnataka land scam.
Karnatak housing board scam-JD(S) MLA G T Devegowda, swindled Rs.35 crores, indicted by Lokayukt.
Uttrakhand Citurgia land scam.
MCI bribery scandal, Ketan Desai is charge sheeted by CBI.
Chandigarh booth scam.
Odisha illegal Mining Scam(2000-2014) (Investigated by Shah Commission), Rs 59,203 crore.
Goa Special Economic Zone (SEZ) scam.
Rice export scam, Rs. 25 billion (US$390 million)
Orissa paddy scam.
Sukhna land scam, Darjeeling, Lt. General Awadhesh Prakash court martialed by the army on corruption charges.
Vasundhara Raje Deendayal Upadhyay Trust land scam.
Austral Coke scam, Rs.10 billion (US$160 million).
Gujarat's VDSGCU Sugarcane scam (2008), Rs.187 million (US$2.9 million).
Hasan Ali black money controversy,Hasan Ali Khan is in jail since April 2011 for money laundering.
State Bank of Saurashtr scam, Rs.950 million (US$15 million).
Army ration pilferage scam, Rs.50 billion (US$790 million)[330]-Lieutenant General SK Sahni jailed for 3 years.
Paazee Forex scam, Rs.8 billion (US$130 million).
Cash-at-judge's door scam, (2006).
Penny stock scam.
Punjab city center project scam, Rs.15 billion (US$240 million).
Uttar Pradesh Ayurved scam, (2004), Rs.260 million (US$4.1 million).
Taj Co-operative Group Housing Scheme scam, Rs.40 billion (US$630 million)-IAS officer Narayan Divakar convicted for 2 years.
IPO scam.
Bihar flood relief scam, Rs.170 million (US$2.7 million): Sadhu Yadav and others charges framed.
Oil for food scam(2003), K. Natwar Singh had to resign from the Cabinet on December 6, 2005.
HUDCO scam, (2002).
Stamp paper scam, Rs.200 billion (US$3.1 billion): Abdul Karim Telgi jailed for 30 years.
Provident Fund (PF) scam.
Ketan Parekh securities scam & UTI scam, Rs.320 million (US$5.0 million), Ketan Parekh convicted for two years.
Calcutta Stock Exchange scam, (2000).
India-South Africa match fixing scandal, (1990-1997): Mohammed Azharuddin and Ajay Jadeja were banned from cricket for 5 years and 4 years respectively.
Jalgaon housing scam.
Cobbler scam.
Sheregar Scam.
Kerala ice cream parlor sex scandal, (1996).
Sukh Ram telecom equipment scandal-Sukh Ram convicted for 3 years.
C R Bhansali scam, Rs.11 billion (US$170 million).
Fertilizer import scam, Rs.1.33 billion (US$21 million).
Meghaly forest scam, (1995), Rs.3 billion (US$47 million).
Preferential allotment scam, Rs.50 billion (US$790 million).
Yugoslav Dinar Scam, Rs.4 billion (US$63 million).
Purulia arms drop case, (1994).
Sugar import scam, (1992).
Harshad Mehta securities scam, Rs. 50 billion (US$790 million).
Palmolein Oil Import Scam, Kerala.
Indian Bank scandal, (1990), Rs.13 billion (US$200 million).
Airbus scandal, (1980).
St Kitts forgery, (1987).
Bofors scandal(1981), Rajeev Gandhi, Congress.
Cement Scam involving, (1970) A R Antulay, Rs.300 million (US$4.7 million).
Kuo oil scandal, (1974), Rs.22 million (US$350,000).
Maruti scandal, (1971).
Nagarwala scandal, (1960), Rs.6 million (US$94,000).
Kaling tubes scandal, (1964).
Pratap Singh Kairon scam, (1960).
Teja loan scandal, (1950), Rs.220 million (US$3.5 million).
BHU, (1951), Funds misappropriation, Rs.5 million (US$79,000).
Cycle import scam.
The Mundhr scandal–Rs.12 million (US$190,000).
Jeep scandal case, (1948).

NAGAR WALA BANK FRAUD: 1971
PhotoRustom Suhrab Nagarwala, an ex-army captain and intelligence officer,  who claimed to be a courier working for the Prime Minister, called the SBI's Parliament Street branch on May 24, 1971. On the other end of the line was chief cashier Ved Prakash Malhotra, who heard the "voice of Prime Minister Indira Gandhi" instructing him to withdraw Rs 60 lakh and hand it over to a Bangladeshi. India was on the threshold of a war with Bangladesh. Malhotra was confident about the caller & did not cross-check before following the voice's instructions. All procedures were ignored. Malhotra could not obtain the receipt, when he reached PM's residence.  Malhotra informed the police of the fraud. 
Nagarwala was nabbed for mimicking the voice of the PM and the money was recovered on the same day after intelligence officials swung into a manhunt on the advice of the PM's principal secretary P.N. Haskar. 
He allegedly confessed to the crime on 26 May and was convicted in a ten-minute court trial. [It takes 10 to 15 years in India to decide such cases. This trial was termed as unique in legal history. Gandhi murder case too was disposed off at lightening speed. It takes 30 to 35 years to settle political murder cases.] Nagarwala was sentenced to four years imprisonment and died, while in custody, under mysterious circumstances. He wanted to reveal the truth behind the crime  that would be a great eye opener for the nation.
Investigating officer, D K Kashyap, along with 3 other agents was crushed to death near Mohammad Pur, in New Delhi. 
Opposition suspected Indira Gandhi's hand behind the fraud. 
Justice P Jaganmohan Reddy in his report on June 19, 1977, found several lacunae in investigation which required to be established by evidence and enter the realm of conjectures and speculation.


BIG BULL HARSHAD MEHTA:1992
Harshad M Mehta an Indian stockbroker, was well known for his wealth and for having been charged with numerous financial crimes that took place in 1992. Of the 27 criminal charges brought against him, he was only convicted of one, before his death at age 47 in 2001. Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered in "ready forward" transactions between banks. Mehta was convicted by the Bombay High Court and the Supreme Court of India for his part in a financial scandal valued at Rs.49.99 billion (US$780 million) which took place on the Bombay Stock Exchange (BSE-Bombay Stock Exchange). The scandal exposed the loopholes in the Bombay Stock Exchange transaction system and SEBI further introduced new rules to cover those loopholes. He was tried for 9 years, until he died in the late 2001.
Mehta was Graduate in commerce. Over a period of ten years, beginning 1980, he served in positions of increasing responsibility at a series of brokerage firms. By 1990, he had risen to a position of prominence in the Indian securities industry. He established his own firm, with the financial assistance of associates, when the BSE auctioned a broker's card. It was at this time that he began trading heavily in the shares of Associated Cement Company (-ACC). The price of shares in the cement company eventually rose from Rs.200 to nearly Rs.9,000. He justified trading in ACC shares by stating that the stock had been undervalued and that the market had simply corrected when it revalued the company at a price equivalent to the cost of building a similar enterprise; the so-called replacement cost theory.
Mehta and his associates then undertook a much broader scheme, which resulted in manipulating the rise in the Bombay Stock Exchange. The scheme was financed by supposedly collateralize bank receipts, which were in fact uncollateralized. The bank receipts were used in short-term bank-to-bank lending, known as ready forward transactions, which Mehta's firm brokered. By the second half of 1991 Mehta had earned the nickname of the Big Bull, because he was said to have started the bull run in the stock market.
On 23 April 1990, journalist Sucheta Dalal exposed Mehta's illegal methods in a column in a National Daily. Mehta was dipping illegally into the banking system, to finance his buying.
The crucial mechanism through which the scam was effected was the ready forward (-RF) deal. The RF is in essence a secured short-term (-typically 15-day) loan from one bank to another. Crudely put, the bank lends against government securities just as a pawnbroker lends against jewellery. The borrowing bank actually sells the securities to the lending bank and buys them back at the end of the period of the loan, typically at a slightly higher price. It was this ready forward deal that Mehta and his accomplices used with great success to channel money from the banking system.
A typical ready forward deal involved two banks brought together by a broker in lieu of a commission. The broker handles neither the cash nor the securities, though that wasn't the case in the lead-up to the scam. In this settlement process, deliveries of securities and payments were made through the broker. That is, the seller handed over the securities to the broker, who passed them to the buyer, while the buyer gave the cheque to the broker, who then made the payment to the seller. In this settlement process, the buyer and the seller might not even know whom they had traded with, either being known only to the broker. This the brokers could manage primarily because by now they had become market makers and had started trading on their account. To keep up a semblance of legality, they pretended to be undertaking the transactions on behalf of a bank.
Another instrument used was the Bank receipt (-BR). In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i.e., the seller of securities, gave the buyer of the securities a BR. As the authors write, a BR confirms the sale of securities. It acts as a receipt for the money received by the selling bank. Hence the name–bank receipt. It promises to deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer.
Having figured out his scheme, Mehta needed banks, which issued fake BRs (-Not backed by any government securities). Two small and little known banks–the Bank of Karad (-BOK) and the Metropolitan Co-operative Bank (-MCB)–came in handy for this purpose. These banks were willing to issue BRs as and when required, for a fee, the authors point out. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, assuming that they were lending against government securities, though this was not really the case. This money was used to drive up the prices of stocks in the stock market. When time came to return the money, the shares were sold for a profit and the BR was retired. The money due to the bank was returned.
This went on as long as the stock prices kept going up and no one had a clue about Mehta's operations. Once the scam was exposed, though, a lot of banks were left holding BRs which did not have any value–the banking system had been swindled of a whopping Rs. 40 billion (US$630 million). When the scam was revealed, the Chairman of the Vijaya Bank committed suicide by jumping from the office roof. He knew that he would be accused if people came to know about his involvement in issuing checks to Mehta. M J Pherwani of UTI was also linked to Mehta.
Exploiting several loopholes in the banking system, Mehta and his associates siphoned off funds from inter-bank transactions and bought shares heavily at a premium across many segments, triggering a rise in the Sensex. When the scheme was exposed, banks started demanding their money back, causing the collapse. He was later charged with 72 criminal offences, and more than 600 civil action suits were filed against him.
He was arrested and banished from the stock market with investigators holding him responsible for causing a loss to various entities. Mehta and his brothers were arrested by the CBI on 9 November, 1992 for allegedly misappropriating more than 2.8 million shares of about 90 companies, including ACC and Hindalco, through forged share transfer forms. The total value of the shares was placed at Rs. 2.5 billion (US$39 million).
Mehta made a brief comeback as a stock market guru, giving tips on his own website as well as a weekly newspaper column. However, in September 1999, Bombay High Court convicted and sentenced him to five years rigorous imprisonment and a fine of Rs.25,000 (US$390).On 14 January, 2003, Supreme Court of India confirmed High Court's judgement. It was a 2:1 majority judgement. While Justice B.N. Agrawal and Justice Arijit Pasayat upheld his conviction, Justice M.B. Shah voted to acquit him.
Mehta again raised a furor in 1995 when he made a public announcement that he had paid Rs. 10 million (US$160,000) to the then Congress president and prime minister, Mr P.V. Narasimha Rao, as donation to the party, for getting him off the scandal case.
Mehta was under Criminal custody in the Thane prison. Mehta complained of chest pain late at night and was admitted to the Thane civil Hospital. He died following a brief heart ailment, at the age of 47, on 31 December 2001. He is survived by his wife and one son.He died with many litigations still pending against him. He had altogether 28 cases registered against him. The trial of all except one, are still continuing in various courts in the country. Market watchdog, Securities and Exchange Board of India, had banned him for life from stock market-related activities.
SINCE THEN PAPERLESS TRANSACTION HAS BEGUN. SMALL INVESTOR IS TAXED FOR THE SHARES WHICH DO NOT PAY EVEN A SINGLE PENNY. THOSE WHO MAINTAIN HIS ACCOUNTS OFTEN THREATEN HIM TO TAKE TO THE COURT.THEY DO NOT LET HIM GO OUT OF THE DRAGNET AS WELL HE BECOMES HELPLESS HE IS UNABLE TO OFFLOAD SUCH SHARES.
MORAL: ONE MUST NOT NEVER PUT HIS HARD EARNED MONEY IN SHARE MARKET AND PONZI SCHEMES. ITS PURE GAMBLE IN WHICH ONE BURNS HIS BOTH HANDS.

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