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Scams in Indian Economy

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Scam ? Scam is an illegal activity to earn money by using power in their hand.

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2G Scam2G Scam * 2G licenses issued to private telecom players at throwaway prices in 2008 * CAG: Rules and procedures flouted while issuing licenses

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Progress

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Rules changed after the game had begun Cut-off date for applications advanced by a week Licenses issued on a first-come-first-served basis No proper auction process followed, no bids invited Raja ignored advice of Law Ministry, Finance Ministry Had recommended auctioning of spectrum at market rates

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Who were Involved in It ?

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Former Telecom and IT minister A Raja. He was elected form Nilgiris constituency in Tami Nadu for DMK. Professionally he is a lawyer.

Kenya-born and Londoneducated corporate lobbyist Niira Radia. Nira Radia runs a public relations firm named Vaishnavi Corporate.

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Effects and Investigation

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Resulting loss of up to Rs. 1.76 lakh crores (US$40 billion) to the national exchequer.

In August, 2010, evidence was submitted by the Comptroller and Auditor General (CAG) showing that Raja had personally signed and approved the majority of the questionable allocations.

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