Showing posts with label Privatization. Show all posts
Showing posts with label Privatization. Show all posts

Thursday, 4 May 2017

Arabian Sea Capital dredging at MPT reflects India's colonial mindset towards Goa

Date: 29th April 2017

To,
Member Secretary,
Goa State Pollution Control Board,
Panjim, Goa.

Subject:  Objections to Capital Deepening of Navigation Chennel at Mormugao Port Trust for Cape size vessels
Sir,
People should also understand that there are so many shipyards not following environmental laws, besides there are barges along the Zuari river bay and each of these barges has created health hazards, environmental hazards besides pollution. These aspects are ignored.
Cyril George, MPT Chairman in an exclusive interview to Navin Jha in Herald, Panjim dated 17th June 2015.
The undersigned wish to state as under:

1.      We write this letter in the 199th year of the Bhima Koregaon revolt wherein the rule of Peshwayee was destroyed and slavery of the natives of India ended at the outskirts of Pune. Governments of India’s plans for Mormugao Port Trust are directed towards re-initiating of Peshwayee rule in India and we are left with only one option – to object. And we do object here. Kindly take note:
2.      On page 1-1 of the above cited EIA it is mentioned “Mormugao Port is a Major Port on the west coast of India and has completed 125 years of glorious service to the nation’s maritime trade.”  125 years ago Mormugao Port (MPT) Trust set up by collaboration between British and Portuguese Colonialism. From its inception in 1885 till 19 December 1961 MPT was operating in colonial context directly under Portuguese rule. EIA study has hidden this fact. Then in 1961 as per records of the USSR vetoed UN resolution of December 18, 1961 India invaded Goa. Later on Supreme Court of India confirmed this status in Gosalia mining case where in it was held that India annexed Goa by Conquest. Claims of MPT of glorious service to nation’s maritime trade are anti-national and amounts to glorifying prevailing colonial system. MPT carries forward the Colonial Heritage. MPT was born in the womb of Colonialism and flourished as colonial enterprise irrespective of which country it has served with glory.
3.      On page 1-2 it is stated “MPT presently imports about 7 million tons of coal. MPT has 2 dedicated coal berths which has a combined capacity of about 12 million tons per annum. Although MPT is ideally located to serve the industries in the hinterlands of Karnataka, a lot of cargo including coal is imported through some of the ports situated in eastern coast of India despite the fact that the rail distance from these port to the industries are much more compared to Mormugao Port.”  This shows that Goa is only used as corridor for coal transportation at the enormous risk of Public Health and environmental hazards. For past decade and a half there are constant voices of protest against coal pollution in Vasco city. This fact is hidden from this EIA.
4.      On Page 1-4 it is stated “The existing depth of the outer channel is 14.40 m and inner channel is 14.10 m. A fully loaded Panamax vessel can be handled under these conditions by taking advantage of tide. The proposal is to deepen the outer channel to -19.80 m and inner channel to -19.50 m. This will facilitate navigation of Capesize vessels at any state of tide.” Mormugao Port is a natural harbor this dredging will create enormous ecological hazard and must be avoided. Ecological damage to bio-diversity is confirmed in the study conducted by committee appointed for this purpose by National Green Tribunal (NGT). Further more dredging carried on by MPT has been stayed by NGT after terming the MOEF Environmental clearance without Public consultation “as illegal, arbitrary and violation of environmental notification of 2006.”
5.      Further it is stated on the same page 1-4 “MoEF&CC has accorded the Environmental Clearance to M/s Mormugao Port Trust for the above mentioned project vide letter 10-23/2014 dated 9 th February, 2015. However, Hon'ble NGT, Pune Bench vide order dated 2nd September, 2016 has quashed and set aside the EC letter dated 9th February, 2016.” Politically the decision of MOEF to grant permission for capital dredging without public consultation reflects colonial mindset of the Government of India towards Goa.
6.      It is further stated on page 1-5 “The total quantity to be dredged was estimated to be about 15.40 million cum. Most of the dredging work will be undertaken with a Trailer Suction Hopper Dredger (TSHD). A Cutter Suction Dredger (CSD) will also be deployed for hard material and weathered rock if encountered. Out of which about 55% work has been completed in the year 2015. Hence, remaining quantity of dredged material will be about 7 mm3.”  This confirms colonial mindset of Government of India towards Goa; 55% of work completed which is described by NGT as illegal, arbitrary and violation of 2006 notification. Those responsible for this at MPT and MoEF must be criminally booked and prosecuted.
7.      On Page 1-5 it is stated “The Study Area for the EIA Study shall be the area within 10 km radius of the proposed navigation channel at the Centre.” When the Study Area is 10 km in radius covering several villages and cities why while Public Hearing was underway did MPT chairman Jeyakumar told press on 28/04/2017 that people who are outsiders to Vasco are raising objections and People of Vasco are silent? Why is he creating distinction between Vasco residents and those from outside? What is the basis for such comment? MPT itself has not limited itself only to Vasco, it has extended its jurisdiction over Zuari river mouth up to Cortalim-Agassaim bridge and down south upto Betul from the year 2000. In 1997 MPT permitted illegal drilling at Cacra village on Zuari coast. In 2010 MPT leased out Zuari river to Marinas requiring enormous dredging of Zuari. Why MPT has stepped out of Vasco if it cannot tolerate People from outside Vasco expressing their views on affairs of MPT when they are invited through Public Notice from Goa State Pollution Control Board?
8.      On Page 1-12 there is confirmation of ecological damage already done by dredging “The Committee appointed by the NGT submitted its Report dated 27th May, 2016. As seen from the said Report, the Committee suggested that the actual damage already done to the estuarine environment, the biodiversity in particular, should be assessed after the completion of the proposed dredging.” When the damage has already been inflicted and confirmed why those responsible has not been booked? This shows colonial mindset of India towards Goa. This has to change. Immediately criminal proceedings must be initiated without delay against those responsible and further developments with regard to dredging must cease.  
9.      Pages 1-12 and 1-13 state “It has been the case of MPT that the proposed project of dredging undertaken by MPT is in larger public interest and deepening of the channel would enable navigation of cape size vessels in the Mormugao Port which would reduce the sea freight rates and attract Port users to use the Port and save effective costs of logistics.” No larger public interest is stated in EIA with example. There is only a public ruin in the form of dust pollution in Vasco city as visible Deepening through dredging only serving private interests of corporate such as Adani, Jindal and Vedanta.
10.   Page 2-1 states “The main user for MPT is currently JSW steel. JSW steel imports about 7 million tons of coal and exports about 1 million ton of finished steel products through MPT. However their coal requirement is in excess of 15 million tons and thus, has to depend on ports on the Eastern Coast like Krishnapatnam for coal imports despite the fact that MPT is closer to their steel plant situated at Toranagallu.” So it is clear that main user is JSW who needs to cut transport distance to steel plant at Torangallu in Karnataka. Main user is not public but Private Corporation. Goa is only corridor for Coal and Coke.
11.  Page 2-2 states “Coal imports for JSW at MPT are carried out at Berth No.6 which is operated by South West Port Ltd, a group company of the JSW. Another Coal Berth No.7 has recently been made operational by Adani Port Terminal Ltd. The approach channel is about 6 km long.” Here we have more evidence of who are the beneficiaries of deepening of approach channel JSW and Adani. Where is larger public interest?
12.  Page 2-5 states “SWPL has commissioned Rapid in Motion Silo facility in July 2014. Also Coal Berth No.7 operated by Adani Ports has become operational in June 2014. Adani Ports have also installed Rapid in Motion Wagon handling facility. Hence the coal traffic is set to rise further.” Who permitted them to install this facility? Profit driven Industrialization as it comes across here is damaging to ecology. Should ecology be allowed to damage because these two corporate has installed Rapid in Motion Wagon handling facility? No.
13.  Page 2-6 states that “The main importer of coal through Mormugao Port is JSW Steel Plant located at Toranangallu, Karnataka.” Should Goa tolerate enormous damage to its ecology and Public Health to satisfy JSW? We are opposed to Goa being treated as mere corridor for Coal.
14.  Page 2-6 further states “At present, coal meant for JSW are brought in gearless vessels of about 75,000 DWT size. Coal importers stand to gain substantial freight advantage by deploying Capesize vessels. The deepening of the navigational channel will not only provide impetus for existing steel companies to increase their capacities, but also encourage new steel plants to come up. The capacity Capesize ships will be of the order of 185,000 DWT.” This is 110% increase in the size of ships to enter MPT carrying Coal, Coke to JSW plant in Karnataka. Natural harbor at MPT is not suited for handling capsize ships and they must not be allowed at MPT. No deepening of approach channel must be carried on.
15.  Page 2-17 states “The dredge spoil will be disposed of in the offshore disposal area.” This is very risky proposition. Fish habitat will suffer dangerous blow. We are opposed to dredging activity for deepening of approach channel.
16.  Page 2-23 states “MPT one of the thriving major ports on the west coast of India, has recently lost its business substantially due to the closure of the Iron Ore mines in the State of Goa.” Even though MPT has lost its business nature got respite by mining closure in Goa, ground water re-charged and fresh air was available to breath again. People after many years cultivated vegetable in their gardens freed from mining dust air pollution. These effects of closure of mines in Goa are not reflected in this EIA.
17.  Page 3-11 states “Infrastructure wise Goa has an advantage over other exporting regions in the countries in view of its being endowed with a deep sea port and waterways that crisscross the territory facilitating barge transport.” Deep Sea Port and waterways are nature’s gifts to Goa. This does not justify declaring six rivers of Goa as National Waterways. This declaration is an abuse of Goa’s rivers.
18.  Same page 3-11 further continues “The two rivers Mandovi and Zuari, provide cheap river transport.” No study is mentioned on impact on these rivers’ fisheries and ecology due to transportation by barges of industrialists. Further page 5-8 warns “Due to the non-availability of reliable long-term fishery data, it is rather difficult to predict the actual impact of dredging activity on estuarine fishery; hence it is strongly suggested to carry out a detailed comprehensive study covering a year-around survey for fishery, fish spawning ground and ichthyoplankton of bay-estuarine system of Zuari. This is particularly important as the maintenance dredging will be conducted about 6-8 weeks of the years.”
19.  Cacra village is not mentioned as Fishermen habitation and as Fish landing centre any where in the EIA. MPT sanctioned illegal drilling in Cacra in 1997 and faced public opposition from the local people.
20.  Negative impacts on fisheries due to dredging are listed in EIA itself at page 4-6:
Dredging harms the ecology, limiting the ability of the dredged habitat
and nearby areas to function as a nursery area, or feeding ground for all
the marine fauna.
Physiological stress to marine fish and commercially important species
by creation of short-term higher sediment loads in the water column.
Adult fish are likely to move away from or avoid areas of high
suspended solids, such as dredging sites, unless food supplies are
increased later on as a result of increases in organic material
transformation through heterotrophy and their biomass build-up.
Increased bioaccumulation of contaminants in commercially important
species.
Increase in the population of undesirable species such as viruses and
parasites.
Reduction in habitat due to loss of benthic primary producer habitat.
Temporary reduction/increase or change in fish catch may occur due to the proposed activities.

21.  Cumulative impacts are listed on page 4-9:

The probable impacts might include, introduction of alien and invasive
species due to the combined action of long distance vessel movement
in and out of the port area and proposed dredging activity.
The transport and spillage (due to un-maintained and un-managed
transport) of ore and other chemicals may have exacerbated impacts
due to proposed activity.
Dolphins have been regularly sighted near Dona Paula bay area (4.5km
from the project site), the increased turbidity and noise levels may drive
away these highly sensitive species.
Like occurrence of unintended events such as vessel collision,
accidents, fire and other inadvertent events. These occur mainly due to
lack of coordination, casual approach, un-managed port and associated
activity and no timely communication within and between the agencies
involved in offshore activities. These events may result in human
casualties if there are no precautions taken.
Oil spills due to any unplanned eventuality is one of the major threat to
the marine biota and can have a major long term irreversible losses
depending up on the extent, quantity and expanse of spillage.

22.  Page 6-5 states “High diversity of Mangrove exist in this (Sancoale) area. Presence of schedule species such as windowpane oyster, and other commercially important molluscs such as clams, oyster, windowpane oyster and cephalopods etc. Chikalim-Sancole bay is considered as ‘Hotspot’ of marine biodiversity. Chicalim and Nauxim Bays in the Zuari estuary is home for windowpane oyster which is schedule species.” Dredging will have adverse impact on entire marine ecology of Sancoale- Chicalim bay.
23.  Page 6-6 states “Project proponent should make necessary attempt to declare the coral reef area as a “Biodiversity Conservation Zone” so that fishing and tourism activities can be regulated.” Project proponent here is MPT and  it has already destroyed bio-diversity while dredging of approach channel upto 55%. Destroyer of Biodiversity must be punished first. In this case it is MPT rather than bothering about Bio-diversity Conservation Zone.
24.  Page 1-4 states “Eastern Port have deeper channel to handle capsize vessels.” What is the size? Why data is not supplied? Even if this is true it is equally true that Ports have destroyed beaches on Eastern coast of India. Deepening of Port at MPT will certainly destroy beaches  putting fishermen and tourism stakeholders in tremendous hardships.
25.  On Pages 3-62 and 3-63 caste profile of study villages is presented. OBC category is omitted while SC and ST is prevalent. According to Mandal Commission report 52% of Indian Population is OBC. Why this EIA ignored OBC in study area? 
We oppose deepening of navigation channel at Mormugao Port for approach channel for the above cited reasons.
Thanking you,

Yours sincerely,
        Sd/-
Maggie Silveira

President, Goa Unit

Tuesday, 15 April 2014

List of Scams in India



Total Scam Money (approx) Since 1992 : Rs. 73000000000000  (73 Lakh Crore) Goa's mining Scam of Rs. 35,000 crore and Vanxim island sale scam of Rs. 1,200 crore by Archbishops Gonsalves and Neri, Scam of unknown crores at Dr.Ambedkar English High School, Mapusa by diverting funds meant for education, extorting money from teachers and other corrupt practices ably protected by Goa government's education department is not included in this list.

Hard to digest ? Just check the below given details
·                     1992 -Harshad Mehta Securities scam Rs 5,000 cr
·                     1994 - Sugar import scam Rs 650 cr
·                     1995 -Preferential allotment scam Rs 5,000 cr
            - Yugoslav Dinar scam Rs 400 cr
            - Meghalaya Forest scam Rs 300 cr
·                     1996: -Fertiliser import scam Rs 1,300 cr
            - Urea scam Rs 133 cr
            - Bihar fodder scam Rs 950 cr
·                     1997 -Sukh Ram telecom scam Rs 1,500 cr
            - SNC Lavalin power project scam Rs 374 cr
            - Bihar land scandal Rs 400 cr
            - C.R. Bhansali stock scam Rs 1,200 cr
·                     1998 - Teak plantation swindle Rs 8,000 cr
·                     2001 -UTI scam Rs 4,800 cr
            - Dinesh Dalmia stock scam Rs 595 cr
            - Ketan Parekh securities scam Rs 1,250 cr
·                     2002 -Sanjay Agarwal Home Trade scam Rs 600 cr
·                     2003 -Telgi stamp paper scam Rs 172 cr
·                     2005 -IPO-Demat scam Rs 146 cr
            - Bihar flood relief scam Rs 17 cr
            - Scorpene submarine scam Rs 18,978 cr
·                     2006 - Punjab 's City Centre project scam Rs 1,500 cr,
            - Taj Corridor scam Rs 175 cr
·                     2008 -Pune billionaire Hassan Ali Khan tax default Rs 50,000 cr
            - The Satyam scam Rs 10,000 cr
            - Army ration pilferage scam Rs 5,000 cr
            - The 2-G spectrum swindle Rs 60,000 cr
            - State Bank of Saurashtra scam Rs 95 cr
            - Illegal monies in Swiss banks, as estimated in 2008 Rs 71,00,000 cr
·                     2009: -The Jharkhand medical equipment scam Rs 130 cr
            - Rice export scam Rs 2,500 cr
            - Orissa mine scam Rs 7,000 cr
            - Madhu Koda mining scam Rs 4,000 cr"

SC refuses to quash PIL against Mayawati in Taj corridor scam
Orissa mine scam could be worth more than Rs 14k cr
CORRUPTION, MONEY LAUNDERING SCAM, Koda discharged from hospital, arrest imminent


'A Cover-Up Operation': "It's a scam involving close to Rs 60,000 crores"
Spectrum scam: How government lost Rs 60,000 crore
1.            India's biggest scams 1, Ramalinga Raju, Rs. 50.4 billion
2.            India's biggest scams 2, Harshad Mehta, Rs. 40 billion
3.            India's biggest scams 3, Ketan Parekh, Rs. 10 billion
4.            India's biggest scams 4, C R Bhansali, Rs. 12 billion
5.            India's biggest scams 5, Cobbler scam
6.            India's biggest scams 6, IPO Scam
7.            India's biggest scams 7, Dinesh Dalmia, Rs. 5.95 billion
8.            India's biggest scams 8, Abdul Karim Telgi, Rs. 1.71 billion
9.            India's biggest scams 9, Virendra Rastogi, Rs. 430 million
10.         India's biggest scams 10, The UTI Scam, Rs. 320 million
11.         India's biggest scams 11, Uday Goyal, Rs. 2.1 billion
12.         India's biggest scams 12, Sanjay Agarwal, Rs. 6 billion
13.         India's biggest scams 13, Dinesh Singhania, Rs. 1.2 billion
1, Jeep Purchase (1948) :- Free India's corruption graph begins. V. K. Krishna Menon, then the Indian high commission to Britain , bypassed protocol to sign a deal worth Rs 80 lakh with a foreign firm for the purchase of army jeeps. The case was closed in 1955 and soon after Menon joined the Nehru cabinet.
2, Cycle Imports (1951) :- S.A. Venkataraman, then the secretary, ministry of commerce and industry, was jailed for accepting a bribe in lieu of granting a cycle import quota to a company.
3, BHU Funds (1956) :- In one of the first instances of corruption in education institutions, Benaras Hindu University officials were accused of misappropriation of funds worth Rs 50 lakh.
4, MUNDHRA SCANDAL (1957):- It was the media that first hinted there might be a scam involving the sale of shares to LIC, Feroz Gandhi sources the confidential correspondence between the then Finance Minister T.T. Krishnamachari and his principal finances secretary, and raised a question in Parliament on the sale of 'fraudulent' shares to LIC by a Calcutta-based Marwari businessman named Haridas Mundhra. The then Prime Minister, Jawaharlal Nehru, set up a one-man commission headed by Justice M.C.Chagla to investigate the matter when it becomes evident that there was a prima facie case. Chagla concluded that Mundhra had sold fictitious shares to LIC, thereby defrauding the insurance behemoth to the tune of Rs. 1.25 crore. Mundhra was sentenced to 22 years in prison. The scam also forced the resignation of T.T.Krishnamachari.
6, Teja Loans (1960):- Shipping magnate Jayant Dharma Teja took loans worth Rs 22 crore to establish the Jayanti Shipping Company. In 1960, the authorities discovered that he was actually siphoning off money to his own account, after which Teja fled the country.
7, Kairon Scam (1963):- Pratap Singh Kairon became the first Indian chief minister to be accused of abusing his power for his own benefit and that of his sons and relatives. He quit a year later.
8, Patnaik's Own Goal (1965) :- Orissa Chief Minister Biju Patnaik was forced to resign after it was discovered that he had favoured his privately-held company Kalinga Tubes in awarding a government contract.
9, Maruti Scandal (1974) :- Well before the company was set up, former Prime Minister Indira Gandhi's name came up in the first Maruti scandal, where her son Sanjay Gandhi was favoured with a license to make passenger cars.
10, Solanki Exposé (1992) :- At the World Economic Forum, Madhavsinh Solanki, then the external affairs minister, slipped a letter to his Swiss counterpart asking their government to stop the probe into the Bofors kickbacks. Solanki resigned when India Today broke the story.
11, Kuo Oil Deal (1976):- The Indian Oil Corporation signed an Rs 2.2-crore oil contract with a non-existent firm in Hong Kong and a kickback was given. The petroleum and chemicals minister was directed to make the purchase.
12, Antulay Trust (1981) :- With the exposure of this scandal concerning A.R. Antulay, then the chief minister of Maharashtra , The Indian Express was reborn. Antulay had garnered Rs 30 crore from businesses dependent on state resources like cement and kept the money in a private trust.
13, HDW Commissions (1987) :- HDW, the German submarine maker, was blacklisted after allegations that commissions worth Rs 20 crore had been paid. In 2005, the case was finally closed, in HDW's favour.
14, Bofors Pay-Off (1987) :- A Swedish firm was accused of paying Rs 64 crore to Indian bigwigs, including Rajiv Gandhi, then the prime minister, to secure the purchase of the Bofors gun.
15, St Kitts Forgery (1989) :- An attempt was made to sully V.P. Singh's Mr Clean image by forging documents to allege that he was a beneficiary of his son Ajeya Singh's account in the First Trust Corp. at St Kitts, with a deposit of $21 million.
16, Airbus Scandal (1990) :- Indian Airlines's (IA) signing of the Rs 2,000-crore deal with Airbus instead of Boeing caused a furore following the crash of an A-320. New planes were grounded, causing IA a weekly loss of Rs 2.5 crore.
17, Securities Scam (1992) :- Harshad Mehta manipulated banks to siphon off money and invested the funds in the stock market, leading to a crash. The loss: Rs 5,000 crore.
18, Indian Bank Rip-off (1992) :- Aided by M. Gopalakrishnan, then the chairman of the Indian Bank, borrowers-mostly small corporates and exporters from the south-were lent a total of over Rs 1,300 crore, which they never paid back.
19, Sugar Import (1994) :- As food minister, Kalpnath Rai presided over the import of sugar at a price higher than that of the market, causing a loss of Rs 650 crore to the exchequer. He resigned following the allegations.
20, MS SHOES SCAM (1994) :- Anyone who war old enough in 1994 to read will remember the advertisements- tens of them intriguingly headlined: 'Who is Pawan Sachdeva?' For the record, it was the peak of the public issued-led advertising boom and the ads were created by the Delhi branch of Rediffusion. Sachdeva, the promoter of MS Shoes, allegedly used company funds to buy shares (of his own company) and rig prices, prior to a public issue. He is alleged to have colluded with officials in the Securities Exchange Board of India (SEBI) and SBI Caps, which lead-managed the issue, to dupe the public into investing in his Rs. 699-crore public-***-rights issue. Sachdeva was later acquitted
21, JMM Bribes (1995) :- Jharkhand Mukti Morcha leader Shailendra Mahato testified that he and three party members received bribes of Rs 30 lakh to bail out the P.V. Narasimha Rao government in the 1993 no-confidence motion.
22, In a Pickle (1996) :- Pickle baron Lakhubhai Pathak raised a stink when he accused former Prime Minister P.V. Narasimha Rao and godman Chandraswami of accepting a bribe of Rs 10 lakh from him for securing a paper pulp contract.
23, Telecom Scam (1996) :- Former minister of state for communication Sukh Ram was accused of causing a loss of Rs 1.6 crore to the exchequer by favouring a Hyderabad- based private firm in the purchase of telecom equipment. He, along with two others, was convicted in 2002.
24, Fodder Scam (1996) :- The accountant general's concerns about the withdrawal of excess funds by Bihar's animal husbandry department unveiled a Rs 950-crore scam involving Lalu Prasad Yadav, then the state chief minister. He resigned a year later.
25, Urea Deal (1996) :- C.S. Ramakrishnan, MD, National Fertiliser, and a group of businessmen close to the P.V. Narasimha Rao regime fleeced the government and took Rs 133 crore from the import of two lakh tonne of urea, which was never delivered.
26, Hawala Diaries (1996) :- The scandal surfaced following CBI raids on hawala operators in Delhi in 1991. But it was S.K. Jain's diaries that had heads rolling.
27, CRB SCAM (1997) :- Another scam forged by greed and discovered through accident. Chain Roop Bhansali, a smart-talking entrepreneur, created a pyramid financial empire based on high-cost financing. At its peak, his Rs. 1,000-crore financial conglomerate had in its ranks a mutual fund, a financial services company into fixed deposits, and a merchant bank. That Bhansali knew how to work the system became evident when he also managed to secure a provisional banking license. Then his luck ran out. An executive in the State Bank of India Inadvertently discovered that some interest warrants issued by Bhansali were not backed by cash. The bubble finally burst in May 1997, but by that time investors had lost over Rs. 1,000 crore. This was among the first retail scams in India and it was played out, in smaller avatars, across the country-especially in the South where financial services companies promised returns in excess of 20 per cent and decamped with the principal. Bhansali was arrested for a few weeks and released later on bail.
28, MEHTA'S SECOND COMING (1998) :- The Big Bull returned to the bourses. This time, he allegedly colluded with the promoters of BPL, Videocon International, and Sterile Industries to rig the share prices of these companies. The inevitable collapse happened sooner than planned, Harshad Mehta orchestrated a cover-up operation that included a high=jinks effort by officials of Bombay Stock Exchange to (illegally ) open the trading system in the middle of the night to set things right, but the damage had been done. SEBI finally passed its ruling on the scam in 2001, banning the three companies concerned from tapping the market-BPL, for two years. Mehta was debarred for life form dealing in Securities Appellate Tribunal (SAT) in October 2001
29, VANISHING COMPANIES SCAM (1998) :- A passing remark heard by then Finance Minister Palaniappan Chidambaram resulted in a furore over what was badly-kept secret on Dalal street . Chidambaram was told that hundreds of companies had disappeared after raising moneys form the public. An informal scrutiny revealed that perhaps over 600 companies were missing. Chidambaram ordered a probe by SEBI. The SEBI probe conducted in May 1998 revealed that while many companies are not traded on the bourses at least 80 companies that had rises Rs.330.78 crore were simply missing. Later that year, the Department of Company Affairs (DCA) was asked to probe and penalize these companies. DCA still investigating. Investigations continue to this day.
30, PLANTATION COMPANIES SCAM (1999) :- It was as innovative a swindle as any effected in the world. Savvy entrepreneurs convinced gullible investors that given the right irrigation and fertilizer inputs, teak, strawberries, and anything else that could be grown, would grow anywhere in the country. The promoters could afford to collect money from investors and not worry about retribution (or returns, for that matter). For, plantation companies fell under the purview of neither SEBI nor Reserve Bank of India . Indeed, they didn't even come under the scope of the Department decided to change things in 1999, enough investors had been gulled: 653 companies, between them, had raised Rs. 2,563 crore from investors. To date, not many investors have got their principals back, just another affirmation of the old saying about money not growing on trees.
31, Match Fixing (2000) :- Mohammed Azharuddin, till then India's cricket captain, was accused of match-fixing. He and Ajay Sharma were banned from playing, while Ajay Jadeja and Manoj Prabhakar were suspended for five years.
32, KETAN PAREKH SCAM (2001) :- Ketan Parekh's modus operandi wasn't very different from Harshad Mehta's. If Mehta used banker's receipts, then Parekh used pay orders to ramp up the prices of his favourite scrips (the K-10). Apart from money form the banking system Parekh also rerouted money from corporated like HFCL (Rs. 425 crore), and Zee (Rs. 340 crore) to good effect. He was caught when pay-orders issued by Madhavpura Mercantile Cooperative Bank bounced. Although the total amount involved in the scam was just Rs. 137 crore, the impact was far greater.
Apparently, when a bear cartel sensed Parekh was in trouble, it stepped in and leveraged a dip in the NASDAQ to bear down stock prices. The resultant slump in the markets happened soon after Finance Minister Yashwant Sinha presented what he considered his best budget ever. Under pressure from the government, SEBI investigated the scam and heads began to roll. Among them: the entire management team of BSE, including its president Anand Rathi, CSFB, First Global, and, in an indirect connection, P.S.Subramanyam, the Chairman of UTL Evidently, for the 18 months that PSS was Chairman of UTI, the Trust had mirrored the actions of the bull cartel. The result? When the market tanked, so did the NAV of its holy cow, the US-64.
33, Tehelka Sting (2001) :- Tehelka, an online news portal, used spycams to catch army officers and politicians accepting bribes, in their sting operation called Operation Westend. Investigative journalism turned another corner in the country.
34, Stockmarket Scam (2001) :- The mayhem that wiped off over Rs 1,15,000 crore in the markets in March 2001 was masterminded by the Pentafour bull Ketan Parekh. He was arrested in December 2002 and banned from acccessing the capital market for 14 years.
35, Home Trade Scam (2002) :- Under the pretext of gilt trading, Rs 600 crore was swindled from over 25 cooperative banks in Maharashtra and Gujarat by a Navi Mumbai-based brokerage firm Home Trade. Sanjay Agarwal, CEO of the firm, was arrested in May 2002.
36, Stamp Paper Scam (2003) :- The sheer magnitude of the racket was shocking-it caused a loss of Rs 30,000 crore to the exchequer. Disclosures of the mastermind behind it, Abdul Karim Telgi, implicated top police officers and bureaucrats.
37, Oil-for-Food Scandal (2005) :- K. Natwar Singh was unceremoniously dropped from the Cabinet when his name surfaced in the Volcker Report on the Iraq oil-for-food scam.
What India Could Do With Rs 73 Lakh Crore?
·                     Build: 2.4 crore primary healthcare centres. That’s at least 3 for every village,        at a cost of Rs 30 lakh each.
·                     Build: 24.1 lakh Kendriya Vidyalayas at a cost of Rs 3.02 crore each, with two      sections from Class VI to XII.
·                     Construct: 14.6 crore low-cost houses assuming a cost of Rs 5 lakh a unit.           Set up: 2,703 coal-based power plants of 600 MW each. Each costs Rs 2,700       crore.
·                     Supply: 12 lakh CFL bulbs. That’s enough light for each of India ’s 6 lakh             villages
·                     Construct: 14.6 lakh km of two-lane highways. That’s a road around India ’s         perimeter 97 times over.
·                     Clean up: 50 major rivers for the next 121 years, at Rs 1,200 crore a river   every year.
·                     Launch: 90 NREGA-style schemes, each worth roughly Rs 81,111 crore. Announce: 121 more loan waiver schemes. All of them worth Rs 60,000 crore.
·                     Give: Rs 56,000 to every Indian. Even better, give Rs 1.82 lakh to 40 crore             Indians living BPL.
·                     Hand out: 60.8 crore Tata Nanos to 60.8 crore people. Or four times as many        laptops.
·                     Grow the GDP: The scam money is 27% more than our GDP of Rs 53 lakh           crore."
Greed, graft, politics, bribery, dirty money. Just another day in the life of a nation still rated among the most corrupt in the world. Scan the scams that have grabbed headlines, destroyed reputations and left many mulnivasi people poorer and many Eurresian Bamons and their allies richer.