Crown Global

“India has been rocked by a spate of scams in the recent past. Here is an overview of some of the most infamous scams that have hit the country over the years. Tell us which of these scams has caused the most damage to the country? “

List of 20 Political Scam

2013 Chopper scam: Better known as Choppergate, the scam involves several politicians and defence officers, who have been accused of having accepted bribes from AugustaWestland to clear a contract to supply 12 AgustaWestland AW101 helicopters to India.

2012 Coal block allocation scam: Dubbed as Coalgate by the media, the scam once again exposed corruption in the  higher echelons of power in the country. The scandal involves allocation of the country's coal deposits to public and private sector companies by Prime Minister Manmohan Singh.

On the other side of the news:  Nature News, Eco Press Release

2013 Railgate: On May 3, 2013, CBI arrested  former Railway Minister Pawan Kumar Bansal's nephew, Vijay Singla, from Chandigarh for allegedly accepting a bribe of Rs90 lakh from Narayana Rao Manjunath and Sandeep Goyal on behalf of Mahesh Kumar, a member of the Indian Railway Board, in exchange of getting a higher ranking position on the Railway Board.

2011 Tatra truck scam: Top officials of  Bharat Earth Movers Ltd (BEML), a defence public sector undertaking,  and the defence ministry siphoned off Rs750 crore in bribes and commissions over the past 14 years in the purchase of components for Tatra trucks.

2011 Antrix Devas deal:  The scam involves former ISRO chairman G Madhavan Nair and three other scientists who were responsible for a controversial contract between Antrix Corporation and Devas Multimedia Private Limited on January 28, 2005. Under the deal, Antrix was to provide 70 MHz of S-Band wavelength to Devas for broadcasting purposes. This was to be done by ISRO leasing out S-band transponders in two satellites (GSAT6 and GSAT6A) to Devas.

2010 2G spectrum: One of the largest financial scams in the country, the 2G scam involves undercharging by government officials to various telecom companies during the allocation of 2G licenses for cell phone subscriptions.

2010 CWG: Among all the scams in India, the CWG scam is perhaps the only one that drew the attention of media worldwide. A day after the conclusion of the Games, the Centre announced formation of a special committee to probe allegations of corruption and mismanagement against the Organising Committee (OC).

1996 Fodder scam: Known as the mother of all scandals, though the Fodder scam had been going on for over two decades before it came to light in 1996 in the town of Chaibasa, Bihar. The scam involved fabrication of fictitious livestock for which fodder, medicines and animal husbandry equipment was supposedly procured. The animal husbandry department is said to have embezzled Rs950 crore through the scheme.

2011 Stock market scam: Ketan Parekh is a former stock broker from Mumbai, was involved in circular trading throughout the time period and with a variety of companies, including Global Trust Bank and Madhavpura Mercantile Co-operative Bank.

2009 Satyam Computer Services scandal: In this biggest scam ever to hit India’s IT sector, Chairman of Satyam Computers, B Ramalinga Raju, admitted to to doctoring the company’s balancesheets.

1992 Securities scam: Popularly know as the Big Bull, stock broker Harshad Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered in "ready forward" transactions between banks.

1980-90s Bofors scandal: The Bofors scam that took place between 1980s and 1990s had stirred a big controversy in the country as then Prime Minister Rajiv Gandhi and several others were accused of receiving kickbacks from the now defunct Swedish arms company Bofors AB  for claring a contract to supply India's 155 mm field howitzer.

Adarsh Housing society scam: The scam involves the Adarsh Cooperative Housing Society. The building, which was originally meant to be a six-storey structure for Kargil war heroes and war widows, was converted into a 31-storey highrise.

Hawala scam: The Hawala scandal or hawala scam was involved payments amounting to Rs1,000 crore allegedly received by politicians through four hawala brokers, the Jain brothers.It was alleged that terrorist outfits in Kashmir received funding by this means.

2008 cash-for-votes scandal: The scandal exposed the rampant corruption that prevails at all levels in the country. It involved the Sonia Gandhi-led UPA, which bribed MPs in order to survive a confidence vote on July 22, 2008.

Bellary mining scam: The scandal in Karnataka, which led to the resignation of former chief minister BS Yeddyurappa,  involved mining barons, the Reddy brothers. It was alleged that G Karunakara Reddy and G Janardhana Reddy had paid money to bag contracts for their mining company, Obulapuram Mining Company, in Bellary.

2013 Saradha Group chit fund scam: The financial scam was caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of companies which was believed to be running a wide variety of collective investment schemes (popularly referred to as chit fund) West Bengal.

2002-2003 Taj Corridor case: In the scam, former Uttar Pradesh chief minister Mayawati and a minister in her government, Nasimuddin Siddiqui, were charged with corruption. The Taj Corridor project was intended to upgrade tourist facilities near the Taj Mahal and was to be implemented during her tenure as Chief Minister.

2013 Uttar Pradesh NRHM Scam: Top politicians and bureaucrats are alleged to have siphoned off Rs10,000 crore from the National Rural Health Mission, a central government scheme, meant to improve health care delivery in rural areas.

Scorpene deal scam: One of India's largest bribery scandals, in which Rs500 crore is alleged to have been paid to government decision makers by Thales, the makers of the Scorpene submarine.

About Us

The Crown Global Insurance Company Group ("Crown") was originally founded in April 1994 and today encompasses a total of four insurance companies located in Bermuda and the Cayman Islands.

Crown's companies and other wholly owned subsidiaries provide insurance products for high net worth clients around the world.  Our policies provide liquidity in the event of death or other family needs, assist in estate planning, investments and asset protection, and fund retirement savings.  The Crown team is staffed with seasoned professionals who are known for their experience, wealth planning skills and integrity.  Together our team has over a century of combined insurance, legal, investment and multi-jurisdictional tax planning experience.

Crown owns insurance companies that have and have not elected to be taxed pursuant to Section 953(d) of the Internal Revenue Code of the United States.

Our Products

Crown's products consist of private placement variable life insurance and annuity contracts where the management and custody of insurance account assets are in the hands of the world's most trusted asset managers and custodians. This permits a client to couple the benefit of traditional insurance products with exceptional account and fund managers.

Under the product category…

• US Persons
• US Specific
• Non US
• Large High Death Benefit
• Segregated Accounts