The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal. What is the Satyam scam about? It is about corporate governance and fraudulent auditing practices allegedly in connivance with auditors and chartered accountants. The company misrepresented its accounts both to its board, stock exchanges, regulators, investors and all other stakeholders.
Stock Market Scams
Indian stock market scam - Wikipedia
The Indian stock market scam was a market manipulation carried out by Harshad Shantilal Mehta with other bankers and politicians on the Bombay Stock Exchange. The scam caused significant disruption to the stock market of India , defrauding investors of over one billion USD. Techniques used by Mehta involved having corrupt officials signing fake cheques , misusing market loopholes , and telling lies to drive the prices of stocks up to 40 times their original price. Stock traders making good returns as a result of the scam were able to fraudulently obtain unsecured loans from banks. When the scam was discovered in April , the Indian stock market collapsed, and the same banks suddenly found themselves holding millions of INR in now useless debt. The scam was the biggest money market scam ever committed in India, amounting to approximately Rs. The main perpetrator of the scam was stock and money market broker Harshad Mehta.
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The Ketan Parekh Scam
Intresting Info. Staying away from Stock Market Fraud and Scams is very important, this kind of fraud and scam can cause a lot of damage to your money, so in this article, I am going to tell you about some of the common fraud and scams in the Indian stock market so that you can avoid these frauds and scams. What is Stock Market Frauds and Scams?
Understanding how disasters happened to investors in the past can help current investors avoid them in the future. Here are some of the all-time most significant cases of companies betraying their investors. Some of these cases are truly amazing. Try to look at them from a shareholder's perspective. Unfortunately, the shareholders involved had no way of knowing what was really happening as they were being tricked into investing.