- Vijay Mallya, Kingfisher Airlines:
Vijay Mallya is an Indian businessman who owns a number business in India which includes the United Spirits, the largest spirit company of India, United Breweries Group which is a conglomerate of a number of industries such as beverage alcohol, aviation infrastructure, real estate and fertilizer and Kingfisher Airlines.
Mallya allegedly took loans of a massive amount of approximately Rs: 9000 crores form a number of Indian PSU banks but didn’t return the money. He had fled the country in order to avoid paying back the loan to the bank. He has been charged with several cases of financial fraud and money laundering by the IT department, enforcement directorate and the CBI. However, since Mallya is living in the UK the Indian government is finding it very difficult to bring him back to India so that he could be prosecuted by the Indian judiciary.
- Ramalinga Raju, Satyam Scam:
On January 2009 the chairman of Satyam Computer Services, Ramalinga Raju suddenly resigned confessing that he had manipulated the accounts of the company in any form. The global corporate community was shocked to hear the news. An audit firm namely Price Waterhouse Coopers was responsible for the maintenance of the accounts of this company and it was found that they were also a part of the entire scam and took an active role in the fudging of accounts.
Therefore PWC was fined $6 million by the US Securities and Exchange Commission for not maintaining the auditing standard and failing to discharge its duties related to the auditing of Satyam Computers. In 2018 SEBI also barred PWC form auditing any listed company in India for 2 years because of its involvement with the scam. In 2015 Ramalinga Raju was convicted along with 10 others for their involvement in the scam.
- Subrata Roy, Sahara Group:
The Sahara Scam or the Sahara Group Chit Fund Scam is considered as one of the biggest scams in India. The Sahara Group is owned by Subrata Roy, a renowned businessman who owns a number of businesses. The Sahara Scam is associated with two companies of the Sahara Group that is Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL). The Group had a direct confrontation with the SEBI when SEBI initiated an investigation against the company based on the allegation that it had fraudulently raised a huge amount of money from its investors. Sahara moved the matter to different courts and finally, the issue reached the Supreme Court of India. Finally, the ruling of the Supreme Court leads to the arrest of the chairman of the company Mr. Subrata Roy in February 2014.
- Sudipta Sen, Saradha Chit Fund:
Saradha Group of Industries which made a significant investment in a number of industries which includes financial services, infrastructure management, automobile, and manufacturing was owned by Mr. Sudipta Sen. However it is alleged that this consortium of companies is actually a Ponzi scheme. The group got involved in a major financial scandal caused by the collapse of a Ponzi scheme run by the group. The group collected a huge sum of money from millions of depositors in the name of this chit fund but never returned their money. Both the state of West Bengal and the central government separately started investigating the matter. Many influential people were arrested for their alleged involvement in the scam. The CBI is currently investigating the matter.
- Harshad Mehta, Securities Scam
Harshad Mehta was an Indian stockbroker. He got himself involved in a huge stock manipulation scheme. He was convicted by the Bombay High Court and the Supreme Court of India for his alleged involvement in the scam. He was tried for 9 years before he died at the age of 47 in early 2001.