Every country has its share of business frauds but India’s are unique in that they have almost consistently involved the failure of the financial system and/or regulatory loopholes that businessmen have exploited. That has been the case from the Rs 12.6 million Haridas Mundhra-Life Insurance Corporation (LIC) scandal of 1957, billed as independent India’s first corruption scandal, to the Rs 4 billion Harshad Mehta-State Bank of India (SBI) scam of 1992, the first scandal post economic liberalisation, to the Rs 127 billion Nirav Modi-Punjab National Bank (PNB) scam of 2018.
Up until Harshad Mehta’s Big Bull era, it was
Up until Harshad Mehta’s Big Bull era, it was
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