The corporate “culture” is known for its huge profits, big salarymen, wealthy C-suite executives, tough competitions, and of course, affluent companies.
By now, your Indian CEOs Hall of Fame must have names like Ambanis, Murthys, Tatas, and Birlas—who have gained power and control over the corporate world and have a clear vision and future goals to design and execute their successful enterprises across the country. However, little is known about India Inc’s shadowy underworld, which is likely to be buried beneath all of these success tales.
Since 2011, around 30 Indian top-line entrepreneurs and CEOs have been arrested on accusations ranging from forgery, cheating to bribery, scamming huge bank organizations, to even accumulating corrupt practices across countries.
Furthermore, several businesses were forced to shut down, and the executives were prosecuted for non-payment of bank loans, financial crises, and fraud!
Here are 3 of the most prominent cases that landed the wealthy behind the bars.
1. Rana Kapoor’s Rs. 4,300 Crore Fraud
Former YES Bank Managing Director and CEO Rana Kapoor used the institution as his “personal fiefdom” to carry out unlawful operations and was the architect of a financial scam aimed at generating money for himself and his family, according to a charge sheet filed against the co-founder.
Then again, The Enforcement Directorate arrested him in a fresh money laundering case involving an alleged Rs. 4,300 crore scam at the PMC Bank in Maharashtra.
According to them, Kapoor and his family received benefits totaling 43 billion rupees from firms owned by his family as a bribe for granting large loans via Yes Bank.
He is also accused of accepting bribes in exchange for easing the terms of loans given to a few large business groupings that had turned into non-performing assets.
2. The PMC Bank Scam- Father-Son Duo Arrested
Housing Development Infrastructure Limited (HDIL) chairman and MD, Rakesh Wadhawan, and his son Sarang was arrested by the Special Investigation Team in the Punjab Maharashtra Cooperative (PMC) Bank scam.
According to the RBI, HDIL and its group companies were taking huge loans from PMC bank, which were as high as Rs. 1,300 crores!
It also said that as many as 21,000 fake bank accounts were allegedly created to hide and cover up all the lump sum money in its banking system during RBI inspection. But soon, they were caught for violating the central bank’s norms and were punished for their heinous acts.
3. Sanjay Chandra’s Illegal Use of Public Money
The Central Bureau of Investigation (CBI) had arrested Unitech Managing Director Sanjay Chandra, his father Ramesh, and brother Ajay for committing a fraud of Rs 198 crore in Canara Bank using public funds.
Chandra was accused of defrauding and misleading thousands of purchasers by failing to deliver flats on time. He was also accused in the 2G Spectrum Case- an alleged ongoing scam where the politicians and the private officials of the United Progressive Alliance Coalition Government in India are also believed to have been involved.
As can be seen, the repercussions of misleading, cheating, and getting involved in illegal methods are very terrible and disastrous. Never have they thought in their dreams of becoming famous by defrauding the corporate world.
Despite all of the scams, fraud, and illegal activities, many emerging and developed companies have genuinely shown their power and command over the business world with their honesty and principles.
And although the number of criminal cases is rising in this pandemic, we can also discover a window of opportunity for individuals in the business sector, which is why it is rightly said, “Risk hai, to Ishq hai.”
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