This document discusses business ethics and major scams in India. It covers utilitarian theories, Indian ethical traditions, and describes some of the largest scams in India by year. The top 10 biggest Indian scams of all time are also listed, including the 2G spectrum scam, Commonwealth Games scam, Telgi scam, Satyam scam, IPL scam, and others. In total, it is estimated that over 80 lakh crore (80 trillion) rupees, or $1.80 trillion, may have been lost to scams in India over the past few decades.

1. BUSINESS ETHICS
• UTILITARIAN THEORIES
• INDIAN ETHICAL TRADITIONS
• MAJOR INDIAN SCAMS

2. UTILITARIAN THEORIES
• STOCKHOLDER THEORY
• STAKEHOLDER THEORY
• SOCIAL CONTRACT THEORY

3. INDIAN ETHICAL TRADITIONS
• Indian ethical traditions have been
one of the great repositories of
moral thought in world philosophy
whose insights have influenced early
Greece, Europe, Asia, and the New
World.

4. • Cambridge Advanced Learner’s Dictionary
defines Ethos as “the set of beliefs, ideas, etc.
about social behaviour and relationship of a
person or group” while Oxford Advanced
Learner’s Dictionary defines it as “the moral
ideas and attitudes that belong to a particular
group or society”. Indian Ethos is all about
what can be termed as “national ethos”.
Formally, the body of knowledge which
derives its solutions from the rich and huge
Indian system of ethics (moral philosophy) is
known as Indian Ethos in Management (IEM).

5. • Is IEM some kind of Hindu concept of
management? Certainly not. Management is
behavioral science and it has to be culture
specific. IEM has as its basis, the culture base
of India and as a country whose culture has its
roots in religion - it does draw its lessons from
the religions of the land - be it Hinduism,
Buddhism, or any other. The salient ideas and
thoughts of Indian Ethos in Management
revealed by our ancient scriptures are:

6. • 1. Atmano Mokshartham, Jagat hitaya cha: All work is
an opportunity for doing good to the world and thus
gaining materially and spiritually in our lives
• 2. Archet dana manabhyam: Worship people not only
with material things but also by showing respect to
their enterprising divinity within.
• 3. Atmana Vindyate Viryam: Strength and inspiration
for excelling in work comes from the Divine, God
within, through prayer, spiritual readings and unselfish
work.
• 4. Yogah karmashu Kaushalam, Samatvam yoga
uchyate: He who works with calm and even mind
achieves the most.
• 5. Yadishi bhavana yasya siddhi bhavati tadrishi: As we
think, so we succeed, so we become. Attention to
means ensures the end.

7. • 6. Parasparam bhavayantah shreyah param
bhavapsyathah: By mutual cooperation,
respect and fellow feeling, all of us enjoy the
highest good both material and spiritual.
• 7. Tesham sukhm tesham shanti shaswati:
Infinite happiness and infinite peace come to
them who see the Divine in all beings.
• 8. Paraspar Devo Bhav: Regard the other
person as a divine being. All of us have
the same consciousness though our packages
and containers are different.

8. • Basic principles of Indian Ethos for Management (IEM):
• 1. Immense potential, energy and talents for perfection as human
being has the spirit within his heart.
• 2. Holistic approach indicating unity between the Divine (The Divine
means perfection in knowledge, wisdom and power), individual self
and the universe.
• 3. Subtle, intangible subject and gross tangible objects are equally
important. One must develop one’s Third Eye, Jnana Chaksu, the
Eye of Wisdom, Vision, Insight and Foresight. Inner resources are
much more powerful than outer resources. Divine virtues are inner
resources. Capital, materials and plant & machinery are outer
resources.
• 4. Karma Yoga (selfless work) offers double benefits, private benefit
in the form of self purification and public benefit.
• 5. Yogah Karmasu Kaushalam - Excellence at work through self-
motivation and self-development with devotion and without
attachment.
• 6. Co-operation is a powerful instrument for team work and success
in any enterprise involving collective work.

9. • Principles of IEM are universally applicable.
IEM can help develop an effective and holistic
management pattern which will assure all
round growth in productivity, marketing and
profitability. This will help in synchronizing
private and public benefits and encourage
individuals to lead an enriched quality of life
together with worldly achievements. The best
form of management has to be holistic and
value driven which is the objective of IEM

10. MAJOR INDIAN SCAMS
• 2012
• Coal Mining Scam (Government has lost Rs 10.7
lakh crore by not Auctioning Coal Blocks says the
110 page CAG Report).
• Ministry of External Affairs gift scam
• Himachal Pradesh pulse sca
• Jammu and Kashmir PHE scam
• Jammu and Kashmir recruitment scam
• Jammu and Kashmir examgate
• Flying Club fraud ( 190 crore)

11. • 2011
• Uttar Pradesh NRHM scam ( 10,000 crore)
• ISRO's S-band scam (also known as ISRO-Devas deal)
• KG Basin Oil scam
• Goa mining scam
• Bellary mining scam
• Bruhat Bengaluru Mahanagara Palike scam ( 3,207 crore)
• HIMUDA housing scam - Himachal Pradesh
• Pune housing scam
• Pune land scam
• Orissa pulse scam ( 700 crore) [
• Kerala investment scam ( 1000 Crore)
• Maharashtra education scam ( 1000 Crore)
• Uttar Pradesh TET scam[
• Uttar Pradesh MGNREGA scam
• Orissa MGNREGA scam
• Indian Air Force land scam
• BL Kashyap - EPFO scam ( 169 crore)
• Mumbai Sales Tax fraud ( 1,000 crore)]

12. • 2010
• 2G spectrum scam and Radia tapes controversy
• Adarsh Housing Society scam
• Commonwealth Games scam
• Uttar Pradesh food grain scam
• LIC housing loan scam
• Belekeri port scam
• Andhra Pradesh Emmar scam ( 2,500 crore)[55] [56][57] [58]
• Madhya Pradesh MGNREGA scam ( 9 crore)[59]
• Jharkhand MGNREGA scam[60] [61] [62]
• Indian Premier League scandal[63][64]
• Karnataka housing board scam[65] [66] [67]

13. • 2009
• Madhu Koda mining scam
• Rice export scam ( 2500 crore)[68]
• Orissa mining scam ( 7000 crore)[69]
• Sukhna land scam - Darjeeling [70] [71] [72] [73]
• Vasundhara Raje land scam[74]
• Austral Coke scam (1000 Crore)[75][76]

14. • 2008
• Cash for Vote Scandal
• Hasan Ali black money controversy[77][78][79]
• The Satyam scam [80]
• State Bank of Saurashtra scam (95 Crore)[81][82]
• Army ration pilferage scam ( 5000 crore)[83]
• Jharkhand medical equipment scam ( 130 crore)[84] [85]
• 2006
• Stamp paper scam
• Kerala ice cream parlour sex scandal
• Scorpene Deal scam[86][87][88]
• Navy War Room Spy Scandal (related to Scorpene Deal Scam)
• Punjab city centre project scam ( 1500 crore)[89]
• 2005
• IPO scam [90][91]
• Oil for food scam (Natwar Singh)
• Bihar flood relief scam ( 17 Crore)[92]

15. • 2004
• Gegong Apang PDS scam
• 2003
• Taj corridor scandal
• HUDCO scam[93]
• 2002
• Provident Fund (PF) scam [94][95]
• Kargil coffin scam[96]
• 2001
• Ketan Parekh securities scam
• Barak Missile scandal
• Calcutta Stock Exchange scam[97]
• 2000
• India-South Africa match fixing scandal[98]
• UTI scam ( 32 crore)[

16. TOP 10 SCAMS ALL TIME
• With so much capital in hand, one can’t help
but wonder would India still have been a
developing country had this money been
used on what it was actually meant to be
spent on.

18. TOP 10 Biggest Indian Scams Of All
Times
• #1 – 2G SPECTRUM SCAM
• What can be said that hasn’t been said before, this is THE mother of
all scams. The Supreme Court recently said the spectrum scam has
put ‘all other scams to shame’. The incident saw former telecom
minister A Raja being forced to resign after the CAG indicted him in
the 2G spectrum scam that resulted in a loss of about 176,000 core
to the national exchequer. The scandal revolves around the alleged
irregularities in allotting wireless radio spectrum and licenses by the
telecom ministry to private operators — some of whom were
ineligible. Licenses were given and spectrum allocation was done at
an extremely low price (2001 prices in the year 2008) leading to a
gargantuan loss to the national coffers.

19. #2 – COMMONWEALTH GAMES SCAM
• Yes, of course, how could the scamsters miss the
much publicized and anticipated Common Wealth
Games hosted by India in 2010. Even before the
long awaited sporting bonanza could see the light
of the day, the grand event was soaked in the
allegations of corruption. Estimated to be
involving money worth close to 35,000 crore, the
scam included discrepancies like payment to non-
existent parties, will-ful delays in execution of
contracts, over-inflated price and bungling in
purchase of equipment through tendering – and
misappropriation of funds. The accused, former
chairman of the Commonwealth Games
Organising Committee, Suresh Kalmadi, was
charged and jailed later by CBI in april 2011

20. #3 - TELGI SCAM
• Abdul Karim Telgi, the name is still etched
boldly in the memory of the whole of
India. The con artist, who shook the entire
nation with his mastered art of forgery in
printing duplicate stamp papers. The scam
spanned across 12 states and estimated to
the amount of 20,000 crore plus. With
support from numerous Government
Departments this scam one of the first few
which brought to light the shameful
corrupt practices of the politicians and the
beaurocrats alike.

21. #4 – SATYAM SCAM
• Satyam scam is the biggest fraud in the Indian
corporate industry till date, amounting to
14,000 crore. The disgraced former chairman,
Ramalinga Raju is accused of fudging the books
of accounts for several years and inflating
revenues and profit figures of Satyam. His
efforts to fill the “fictitious assets with real
ones” through Maytas acquisition failed, after
which he decided to confess the crime. India’s
fourth largest IT company lost a staggering Rs
10,000 crore (Rs 100 billion) in market
capitalisation as investors reacted sharply and
dumped shares, pushing down the scrip by 78
per cent to Rs 39.95 on the Bombay Stock
Exchange in a single day.
•

22. #5 – IPL SCAM
• Never before has a scam been enjoyed and
celebrated by such a massive proportion of
Indian people. A lot of the IPL activity has
been alleged to be unethical, unlawful and
sometimes illegal. Politicians and others are
said to be laundering black money via
Mauritius and other tax havens which hide
investors’ identities through shell companies
and false names. There are suggestions that
matches and bids for team franchises have
been fixed, and that there have been bribes,
tax evasion, illegal betting, and breaches of
foreign investment rules. At the centre of the
growth, and the controversy, was Lalit Modi,
creator and chairman of the IPL and former
vice president of the highly politicised Board
of Control for Cricket in India (BCCI).

23. #6 – BOFORCE SCAM
• The Bofors scandal is known as the
hallmark of Indian corruption. In the
1980s,the then PM Rajiv Gandhi and
several others including a powerful NRI
family named the Hindujas, were accused
of receiving kickbacks from Bofors AB for
winning a bid to supply India’s 155 mm
field howitzer. The Swedish State Radio
had broadcast a startling report about an
undercover operation carried out by
Bofors, Sweden’s biggest arms
manufacturer, whereby $16 million were
allegedly paid to members of PM Rajiv
Gandhi’s Congress.

24. #7 - HARSHAD MEHTA SCAM
• Popularly known as the Big Bull,
Harshad Mehta took advantages of
the loopholes in the banking system
and triggered a rise in the Bombay
Stock Exchange in the year 1992 by
trading in shares at a premium
across many segments. He and his
associates diverted funds to the tune
of about Rs 5,000 crore (Rs 50
billion) from the banks to
stockbrokers between April 1991 to
May 1992. He was later charged with
72 criminal offences.

25. #8 – COBBLER SCAM
• In1995 another Scam of
magnanimous proportions was
exposed. Sohin Daya of Dawood
Shoes, Rafique Tejani of Metro
Shoes, and Kishore Signapurkar of
Milano Shoes were arrested in this
multi-crore shoes scam on the
charges of availing loans of crores of
rupees on behalf of fictitious leather
co-operative societies and taking
advantage of these through various
schemes. Officials of various state
banks were also charge sheeted.
•

26. #9 – FODDER SCAM
• More commonly known as the
“Chara Ghotala”, this scam was
worth a whooping 900 core
and involved the infamous and
forever popular Bihar politician
Lalu Prasad Yadav. The scam
involved fabrication of “vast
herds of fictitious livestock” for
which fodder, medicine and
animal husbandry equipment
was supposedly procured.

27. #10 - Hawala Scandal
• Yet another widely publicized bribery scandal
which came out in 1996. It involved payments
to the tune of $18 milion received by
Country’s leading politicians through hawala
brokers. The list of accused included the then
leader of the opposition Lal Krishna Advani.
The masses were left shocked as all the major
political players were being accused of having
accepted bribes and also alleged connections
about payments being channelled to Hizbul
Mujahideen militants in Kashmir.

28. • So this concludes the list of TOP 10 biggest Indian scams of
all times. According to the compilation, the total amount of
money involved in various scams over the last 12 years
alone, since 1992, is estimated to be over Rs 80 lakh crore
(Rs 80 trillion) or $1.80 trillion!
• To many people abroad, India is seen sentimentally as
Mahatma Gandhi’s country of khadi cloth, good ethics, and
care for the poor. To some it is an economic miracle and a
future super power, while to others it is an unkind cruel
place of caste, ethnic and rich-poor divisions and violence.
Above all however, and not far below the surface, India is a
maze of unethical, unlawful and illegal swindles that link
most politicians, many bureaucrats, and a large number of
businessmen and others.