5. The Securities Scam

Market witnessed its first investment scam in the form of ‘The Secirities Scandal’ in the year 1992. The then money market used to permit funds to be relocated with impunity from financial institution and corporate it into equity. The market also consequently witnessed crores of bank’s capital transferring into brokers’ account. This illegal market practice was later asserted as “legal and acknowledged.”

Later a special court was initiated to punish the scamsters. This court scrutinized around 70 cases registered by CBI. But surprisingly none of them were found guilty, which is actually a shameful notion for our sluggish judicial system.