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India’s other Top Accounting Scandals

India’s  other top Accounting Scandals - 1996 - 2006

Company Involved (Year of Scam Expose’): CRB Capital Markets Limited (1996)

Amount Involved: Rs 1200 crore

Type of Fraud: Chairman Chain Roop Bhansali, was accused of siphoning off Rs 12 billion in the CRB scam. CRB was accused of using its SBI accounts to siphon off bank funds, claiming it was encashing interest warrants and refund warrants.

Impact: The Unit Trust of India and the Gujarat government also incurred losses.
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Company Involved (Year of Scam Expose’): CRB Capital Markets Limited (1996)

Amount Involved: Rs 1200 crore

Type of Fraud: Chairman Chain Roop Bhansali, was accused of siphoning off Rs 12 billion in the CRB scam. CRB was accused of using its SBI accounts to siphon off bank funds, claiming it was encashing interest warrants and refund warrants.

Impact: The Unit Trust of India and the Gujarat government also incurred losses.

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Company Involved (Year of Scam Expose’): Home Trade (2002)

Amount Involved: Rs 6000 cr

Type of Fraud: Eight co-operative banks, like Valsad People’s Co-operative Bank and Navsari Co-operative Bank from South Gujarat, collectively lost over Rs 80 crore due to bad investments by the Home Trade. It was also linked to Rs 82 lakh forgery in a central government undertaking EPF scheme.

Impact: Home Trade chairman Sanjay Agarwal and Director Ketan Seth were arrested.

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Company Involved (Year of Scam Expose’): DSQ Software (2003)

Amount Involved: Rs.595 crore

Type of Fraud: Dinesh Dalmia’s Company DSQ Software was accused of dubious acquisitions and biased allotments made in the year 2000 & 2001.

Impact: Dalmia was arrested in 2006 and is currently serving jail sentence.

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Source / courtesy : EconomicTimes