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Strategies & Market Trends : India Coffee House

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To: JPR who wrote (7278)	9/27/1999 8:35:00 PM
From: Mohan Marette	Read Replies (2) of 12475

Scandals & Scams Indian Style-'Big Bull's' a%$ in a jam+While you weren't looking. JPR: Check these stories in the Economic Times if you are interested. Harshad Mehta held guilty in Maruti case, sentence today The special court trying the 1992 securities scam cases today convicted Harshad Mehta on charges of conspiracy to divert funds to the tune of Rs 39 crore belonging to Maruti Udyog Limited (MUL) to his own account with the Grindlays Bank. =========================== States diverted Rs 85,000cr ($19 billion) while you weren't looking SEVERAL state governments have over the last 20 years pulled off a huge fraud. Until '97-'98 - the last year for which audited state accounts are available - the amount involved is over Rs 85,000 crore, or, more than 100 times what was involved in the securities scam. And the fraud flourishes even today. These state governments have spent more than what was budgeted for year after year, but have given no explanation to their taxpayers, accountants or legislators about where the money has gone. The Central government has also chosen to ignore this gross, yet regular deviation from financial norms.

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