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2G Spectrum Allocation Fraud, 1.76 LakhCrores (40 billion dollars).Classic example of collusion betweenpoliticians, industrialists and media withhigh powered brokers.Big names like Mukesh Ambani, Ratan Tata,S.Karunanidhi her daughter Kani Mojhi,A.Raja (the culprit) were there.


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Corruption is not new to India even in the 80s thiscase hit the walls of Indian Defence Sector.Biggest scandal of the time,in1980s where major

cut was believed to be taken by Rajiv Gandhi andhis party, with Quattrochi, close Italian family friend of Sonia Gandhi brokering the deal.Quattrochi negotiated many Indian Govt deals onbehalf of his parent company Snam Progetti


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The scam at Satyam Computer Services issomething that will shatter the peace and

tranquility of Indian investors and shareholdercommunity beyond repair.

Satyam is the biggest fraud in the corporatehistory to the tune of Rs. 14000 crore.

The companys disgraced former chairmanRamalinga Raju kept everyone in the dark for adecade by fudging the books of accounts forseveral years and inflating revenues and profitfigures of Satyam.Finally, the company was taken over by theTech Mahindra which has done wonderfully

well to revive the brand Satyam.
http://trak.in/tags/business/2009/01/06/satyam-head-raju-admits-fraud-letter-board-directors/http://trak.in/tags/business/2009/01/06/satyam-head-raju-admits-fraud-letter-board-directors/


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If you havent heard of Bihars fodder scam of 1996, you mightstill be able to recognize it by the name of Chara Ghotala , asit is popularly known in the vernacular language.

In this corruption scandal worth Rs.900 crore, anunholy nexus was traced involved in fabrication ofvast herds of fictitious livestock for which fodder,

medicine and animal husbandry equipment wassupposedly procured.
http://en.wikipedia.org/wiki/Fodder_Scamhttp://en.wikipedia.org/wiki/Fodder_Scam


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Market works on sentiments besides other economicfundamentals. Scams after scams have not only tarnishedthe image of the country but also hitting hard our markets.


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Massive awakening to force laws that have teethand are not subjected to political interference.E.g., Indias RTI (Freedom of Information) act has given some power to citizens over bureaucracy.Encourage people to vote. Educate the poor that thefreebies given during elections are stolen money.Encourage citizens to say No to bribes.

Reduce corruption for Govt services by use of Technology such as E-Governance and reductionof Government control. Transparency inGovernment contracting etc.


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CORRUPTION CHAINPanchayat asks

charan for bribe toprovide work

Panchayat adds

fake workers tothe list

Local supervisortampers withcharansattendance

Panchayat officialapproves workdone by fakeworkers,legitimising them

Governmentofficial asks forcut to approve

project

Mukhiya delayedpayment

Panachayat andblock office hold

back payments till abribe is paid

Local supervisor collectingpayment on villagers behalf retainsa share. If he has inflatedworkdays, he pocketed the


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NREGS CHAIN

Charan Singh askshis Panchayat forwork

Panchayatassigns him to aproject

Local supervisormonitorscharansattendance

Once a week,Panchayat officialquantifies workdone by charan andother, and informsGOVT

Governmentofficial visitsworksite to crosscheckinformation

After the officialsapproval, villagemukhiya sendscharans paymentadvice to blockoffice

Block office clearscharans payment

Mukhiya writesCharans cheque andsend it to bank or P.O.

Bank/POputsmoney intocharansaccount

Charanaccesseshisaccount


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Parallel Economy exist due to variousReasons1. High Tax Rate

2. Complicated Tax Procedure

3. High Inflation4. People does not get enough Return on theirtax paid

5. Corrupt Practice

6.Insufficient Laws and their Implementation


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The Following Things Circulated in ParallelEconomy

BLACKMONEY

HAWALA

CORRUPTION& BRIBERY

ParallelEconomy


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NOW FLOOR IS OPEN FORQUESTIONS

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