The former Telecoms minister A Raja who according to the CAGE, has evaded norms at every level as he carried out the dubious G license awards in 2008 t a throw-away price which were pegged at 2001 prices. Beneficiaries: Reliance Communication allegedly had stake 10. 7% of in swan telecoms. But according to rule a telecoms operator cannot own more than stake in another telecoms operator company operating same area. Unhitch had no experience in telecoms sector but according to rule the license should be given to those who have experience in telecoms sector. They got license for throw away price of RSI. 661 core. It sold its 60% stake to Telethon at RSI. 6200 core. Swan Telecoms got license for RSI. 1500 Core. It sold 45% stake to I-JAKE based Distillates at RSI. 800 core. Swan Telecoms had experience in telecoms sector. Other beneficiaries include Dotcom solution, Loop Telecoms, Data telemetries, Steel Ltd, Idea cellular & spice communication. Ethical issues: With outbreak of G scam following ethical issues on the part of Government, Regulatory bodies, Media & industry came into forefront. Governance: Spirit of collective responsibility not conserved. Seemed like throwback to the license raja era.

Regulation: Toothless with only advisory powers. Insufficient manpower Worsens the situation Appointment process aid conflict of interests Proper decentralization of powers & implementation of existing rules may have prevented this scam. Media should understand its responsibility towards people of India. Adequate power & resources should make available to regulatory bodies. Common Wealth Games Fraud The Delhi Common Wealth Games (COW) investigations by Central Vigilance Commission (C.V.) revealed irregularities and fraudulent practices adopted by the organization committee members.

The estimated figure for misappropriation of funds is RSI 8000 core (RSI 80,000 million). The investigations have recently commenced and the robbers reported are as follows. ; Purchase contracts signed with varying rates for the same product Prices over-inflated in some contracts Contracts given to relatives and friends Sub-standard products purchased Vendor payments made without confirming quality and delivery Payments made to non-existent vendors The organization committee members ignored the Prevention of Corruption Act and government procedures for contracts and tenders.

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From the perspective of purchasing process, the following ethical issues are apparent: ; Improper and inadequate vendor selection and evaluation procedures were allowed. Conflict of interest was not disclosed while signing contracts with related parties. Tenders were not given to bidders quoting lowest price of the product. Vendors did not deliver the contracted quality and quantity as per the delivery schedule. Vendors were not penalized for sub-standard quality or late delivery.

Vendor payments were not linked to delivery of products or completion of deliverables. There was no segregation of duties. The same officials authorized the contract and approved payments. An independent evaluation of contracts by risk managers may have reverted misappropriation of funds. A periodic audit by government agencies could have highlighted these issues at an earlier stage. As Comptroller and Auditor General (CAGE) group is required to conduct periodic audits of all government expenses, it is surprising that these issues were not discovered earlier.

This clearly indicates miss-utilization of public funds. Dares Scam A tall building is built in Cola area of iambi just adjacent to lands of Indian navy, now as per navy this building is security threat for its assets and as per law it is illegal to build such structures near defense land. Now another issue is that the land on which the Darkish society ( building) has been built is allocated for relocation of families of Cargill war Martyrs. UT thing happened is that the society was granted permission under name of Cargill war heroes and most of the flats were allocated to relatives of maharajah’s ministers Now from looking to a facts it gives impression that biggest culprits in this scam are ministers of maharajah’s who sanctioned the permission, bureaucrats who had sufficient money to purchase flats in the society on the name of their relatives, So overall looking scam is result of joint Venture of reassurance and politicians Of Maharajah’s.

Why objection is taken after completion of building and not during the building was being built? Power to give land at discounted rate should be more transparent. Government should bring more transparency in process of giving land at discounted rate. They should monitor whether housing societies or organizations are following rule applicable to them. ‘Dares scam’ in Pun Details of another land scam have surfaced from Pun in which high ranking army, police, civil, transport and urban land department officials had joined to grab houses in what was meant to be a defense society.

Documents in possession of TIMES NOW prove that Defense Personnel Housing Society (DEPTHS), which was supposed to house Cargill war widows, has illegally been sold off to bureaucrats. The list of allotted in this society also includes the personal secretaries of former Maharajah’s Chief Minister Valparaiso Dukedoms and Nary Range. The DEPTHS, which was formed by defense personnel, had applied to the district collector for allotment of land for a housing society in 2003. In response, the government had allotted 1. 86 hectares in Lagoon. In 2003 the society was allotted the land which was meant for Cargill war dido’s.

However, in 201 0 the society filed a fresh list of allotted 100 of which included bureaucrats. The Pun collector has cracked down on the society and ordered an inquiry into the irregularities. The DEPTHS was formed for defense personnel. At present it has 200 members. Nearly 50 per cent of the members are employees at various government departments. Power to give land at discounted rate should be more transparent. The loan scam The economic offences wing of the Central Bureau of Investigation on unearthed a major fake housing loan racket and arrested eight officials from arioso banks on graft charges.

COB arrested CEO of LICE Housing Finance Ranchmen’s Nair and seven others senior bankers in connection with a housing finance racket. Apart from Nair, those arrested are Nearest K Copra, Secretary (Investment), LICE, R N Tall, General Manager of Bank of India (Delhi), Amandine Sings Sahara, Director (Chartered Accountant) of Central Bank of India, Vendors Julia and Day General Manager of Punjab National Bank (Delhi). Erases Sahara, CM of Iambi based firm Money Matters Ltd and two of its employees Surest Agitating and Sandy Sahara were among those arrested.

The bank officials allegedly colluded with the firm to sanction large scale corporate loans, overriding mandatory conditions for such approvals along with other irregularities. The Finance Ministry said it would explore the possibility of instituting a departmental inquiry into the housing finance racket that led to arrest of senior officials of the LICE Housing Finance and public sector banks. The COB has alleged that Nearest Copra, secretary (investment) LICE, had assured Erases Sahara of Money Matters that he would “disastrous the proposal of DB Realty, which had approached it for a loan through some there agent. Subsequently , DB Realty approached Money Matters and got a loan worth RSI 200 core sanctioned and disbursed within four months. Role of intermediaries such as money matters is suspicious in entire scam. Too much power in the hands of a very few. There should be greater transparency in giving loan by financial institutes. There is need to destroy such rackets in financial institutes & banks. Air India charged double fare to rescue Indians in Egypt. The 320 Indians who were evacuated on the special Air India (AY) flight had to pay more than double the cost of a single ticket from Cairo to Iambi.

A one-way ticket in this sector averages at RSI 17,000-20,000, but stranded travelers said they had to pay RSI 45,000 before they were assured of a seat on the AY 160 flight to Iambi. For a few people, the fare was as high as RSI 55,000. Tourists and honeymooners, many of whom were on a budget and did not have access to immediate funds, were the worst hit. Many fliers complained that they had to pay cash on the spot to be able to procure a flight ticket. AY flight was a boon because our earlier flight had been cancelled.

But they had to pay double money on the spot to get on the plane. At the end of a holiday, most people do not have so much cash in hand. AY took undue advantage of Emergency situation. Air India should understand the responsibility towards Indians. There should be transparency in fare of airlines especially during time of emergency. RSI. 300 core Citibank Fraud Mr.. Shivers Purr, an employee Of Surgeon branch had siphon Of money from 40 high network investors (HEN) amounting to RSI 400 core. Mr.. Shivers Purr is a Senior Relationship Manager in Citibank Surgeon branch.

He used a forged notification of Securities & Exchange Board of India (SIB) stating that ewe select clients would earn higher returns (1 8% to 20%) if they invested in his suggested schemes. He invested the money obtained from HEN in the stock market in his personal capacity over a period of few months. He invested money in share market through brokerage firms Relegate and Bonanza the main client affected by the fraud is Hero Honda group and the amount diverted is to the tune of RSI 200 core (USED 44. 67 million). Mr..

Sandy Guppy, Assistant Vice President in the accounts office of Hero Corporate Services have formed two finance companies BIG Finance and GAS Consultancy and diverted Hero group promoter funds in these two impasses. These funds were then fraudulently invested by Mr.. Shivers Purr of Citibank. Mr.. Sandy Guppy has allegedly taken RSI 20 core (USED 4. 46 million) as commission from Mr.. Shivers Purr for diverting these funds. It is suspected that Mr.. Sandy Guppy was aware of the forged SIB letter but recommended the investment to a number of people.

Ethical issues: Lack of control and supervision on the activities of the Relationship Manager. Relegate and Bonanza should have questioned the source of funds of Mr.. Purr as he is a salaried employee. The fraud department was alerted by the customer complaints. This raises questions on fraud detection and monitoring procedures implemented at the bank. Banks & financial institutes should monitor suspicious transactions with special emphasis on HEN accounts. There should be adequate control over relationship managers activities.

Indian’s latest rice scam involves RSI 200,000 core The latest of the scam series in India, the UP rice scam could be the biggest of them all, even outdistancing the so called 26 Spectrum scam. According to reports, a huge stock of food grain meant for distribution under the Noonday, Anaphora and Mid-Day Meal schemes was smuggled outside he state and even the country to Bangladesh, Nepal and other nations. It is believed that top officials of the state as well as the central government colluded to divert the food grain between 2001 and 2007.

The scam involves goofing up of rice worth RSI 200,000 core. It was a scam that stretched to almost 7 years and 300 FIRS. The scam was reported in Attar Pradesh in the period when Samizdat Party leader Malay Sings Yawed was the chief minister of the UP. This food grain was for poor people either free or at highly subsidies rate. Food grains meant for poor had been smuggled into the open market and also into the neighboring countries and none of that could have happened without the involvement of higher authorities.


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