Biggest fraud in indian stock market
Business tycoon Vijay Mallya is in the news for failing to repay the nearly Rs. It is still unclear whether Mallya will be returning to India, or how the banks will recover the huge amount he owes them if he does come back.
While the Mallya episode is being described as the biggest fraud in Indian history, we take a look at some of the biggest corporate scams in recent years.
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Sahara Group chairman Subrata Roy and Vijay Mallya had a lot in common. Both successful businessmen had a passion for sports. The two also had their own IPL teams, Sahara Pune Warriors and Royal Challengers Bangalore after resigning as the chief of UB Group Mallya is technically not the owner of RCB.
In fact, the duo jointly owns the Sahara Force India Formula 1 team. Sahara Group was accused of failing to refund over Rs. In , SEBI ordered Sahara to refund this amount with interest to the investors, as the issue was not in compliance with the requirements applicable to the public offerings of securities.
Roy was arrested on 28 February and still remains behind bars as an under-trial. His proposal to settlement of the matter was rejected by the court and SEBI.
5 Of The Biggest Corporate Scammers In India - qyzofolawory.web.fc2.com
B Ramalinga Raju, the founder of Satyam Computers, got into trouble after he admitted to inflating the company revenue, profit and profit margins for every single quarter over a period of 5 years, from The amount embezzled by him is estimated to be around Rs.
In April , Ramalinga Raju and his brothers were sentenced to 7 years in jail, and fined Rs. The company which enjoyed strong political backings collapsed in April The amount investors lost is estimated to be between Rs.
Parekh was involved in circular trading and stock manipulation through in a host of companies.
Indian Stock market scams
He borrowed from banks like Global Trust Bank and Madhavpura Mercantile Co-operative bank, and manipulated a host of stocks popularly known as K stocks. Parekh has spent only 1 year in jail but has been banned from trading in the Indian stock markets till Speak Asia was an online trading company founded by Ram Sumiran Pal and his brother.
Pal and his associates duped at least 24 lakh investors for Rs 2, crore in the scam extending to Singapore, Italy, and Brazil, among others. They took over or set up multi-level marketing companies registered in foreign countries attracting investments due to their global profile.
There were some buyouts in Brazil as well.
These were later used to launder money. One such company, Speak Asia, in Singapore, was introduced in India in SORRY, No RESULTS FOUND. Home india world sports weird FOR YOU Trending.
Home News india world sports weird. PTI It is still unclear whether Mallya will be returning to India, or how the banks will recover the huge amount he owes them if he does come back. Even Before He Can Enjoy The Relief From UK Court, ED Filed A Chargesheet Against Vijay Mallya.
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