Monday, November 29, 2010

2010 Year of SCAMS

1 -- LOAN BRIBERY CASE
Central Bureau of Investigation (CBI) arrested eight people, accusing them of bribery for corporate loans.
The arrests included the chief executive of state-run mortgage lender LIC Housing Finance and senior officials at state-run Central Bank of India, Punjab National Bank and Bank of India. The CBI is probing 21 companies involved in India's booming infrastructure sector for links.The bribes were allegedly paid by private finance firm Money Matters Financial Services, which acted as a "mediator and facilitator" for the loan beneficiaries.

2-TELECOMS LICENCE ROW
Telecoms Minister Andimuthu Raja's  ministry sold licences and spectrum below market prices, depriving the government of up to $39 billion in revenues. The scandal swept up as high as Prime Minister Manmohan Singh, who had to explain to the Supreme Court why he sat on a request for permission to charge Raja with corruption. The CBI has launched an investigation into alleged corruption at the ministry. Nobody has been charged yet and Raja has denied any wrongdoing. The CAG said Unitech units got licences despite having inadequate capital, Swan Telecom got a licence even though there were monopoly issues and Reliance Communications got undue benefits as it sought permission to offer services under the more popular GSM technology.

3 - COMMONWEALTH GAMES
The Congress-party led coalition government came under fierce criticism for mismanagement and ineptitude over the sporting extravaganza which cost up to $6 billion. Allegations of corruption spanned a broad spectrum including issuing of contracts and purchase of equipment -- from treadmills to toilet rolls.
India's anti-corruption watchdog has identified more than 16 projects with possible irregularities. The Congress party eventually sacked Suresh Kalmadi, chairman of the organising committee, as secretary of the party's parliamentary wing.

4 - HOUSING SCAM
Congress party politicians, bureaucrats and military officials have been accused of taking over land meant for building apartments for war widows. The CBI has begun investigating the case. Local media say apartments with a value of $1.8 million were sold for as little as $130,000 each in the apartment block, which faces the Arabian Sea in one of the world's most expensive stretches of real estate in Mumbai.The government has sacked the chief minister of western Maharashtra state, Ashok Chavan, who is a member of Congress. The apartment block is also being investigated for several violations of norms, including environmental laws and land-use rules.

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