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Ethical Issues in India Essay

•The former Telecom minister A Raja who also according to the CAG, has evaded norms each and every level when he carried out the dubious 2G license honours in 2008 at a throw-away price which were chosen at 2001 prices.

Prevalent Wealth Games Fraud Buy contracts fixed with various rates for the similar product •Prices over-inflated in some contracts •Contracts given to relatives and friends •Sub-standard products purchased •Vendor payments produced without credit reporting quality and delivery •Payments made to nonexistent vendors •Conflict of interest was not disclosed while signing contracts with related parties. •Tenders were not directed at bidders citing lowest price from the product. •Vendors did not provide the contracted top quality and quantity as per the delivery schedule. •Vendors were not punished for lesser quality quality or perhaps late delivery. •Vendor payments were not related to delivery of products or completing deliverables. •There was no segregation of tasks. The same officials authorized the contract and approved payments.

Adarsh Rip-off A tall building is made in Colaba area of mumbai just next to lands of Indian navy blue, now as per navy this building is security threat for its resources and as every law it is illegal to generate such set ups near defence land. Right now another issue is that the arrive at which the Adarasha society ( building) continues to be built is allocated to get relocation of families of Kargil war Martyrs. but factor happened is that the society was granted authorization under identity of Kargil war heroes and most of the flats were allocated to relatives of maharashtra ministers At this point from planning to a details it gives impression that biggest culprits in this scam will be ministers of maharashtra who sanctioned the permission, bureaucrats who had satisfactory money to buy flats in the society on the name with their relatives, Therefore overall seeking scam is usually result of joint Venture of paperwork and political figures of Maharashtra. •Power to give land in discounted rate should be more transparent.

Authorities should bring more openness in process of giving land at cheaper rate. They should monitor if housing societies or organizations are following rule appropriate to these people. ‘Adarsh scam’ in Pune Details of another land con have come up from Pune in which large ranking military, police, municipal, transport and urban property department representatives had joined to grab houses in what was meant to be a defense culture. In the year 2003 the culture was alloted the land which was intended for Kargil conflict widows. However , in 2010 the society filed a fresh list of allottees 100 of which included bureaucrats.

The Pune extractor has broke down on the society and ordered an inquiry into the irregularities. •Power to give land at cheaper rate ought to be more transparent. Government should certainly bring even more transparency in process of providing land at discounted charge. They should monitor whether casing societies or organizations happen to be following secret applicable to them. The money scam The economic offences wing from the Central Bureau of Investigation on unearthed a major fake housing financial loan racket and arrested ten officials from various banks on graft fees.

CBI caught CEO of LIC Real estate Finance Ramachandran Nair and seven other folks senior bankers in connection with a housing finance racket. Aside from Nair, individuals arrested are Naresh T Chopra, Admin (Investment), LIC, R In Tayal, Standard Manager of Bank of India (Delhi), Maninder Singh Johar, Representative (Chartered Accountant) of Central Bank of India, Venkoba Gujjal and Dy Standard Manager of Punjab Nationwide Bank (Delhi). Rajesh Sharma, CMD of Mumbai based firm Funds Matters Limited and a pair of its personnel Suresh Gattani and Sanjay Sharma had been among individuals arrested.

Your bank officials allegedly colluded together with the firm to sanction large scale corporate financial loans, overriding mandatory conditions pertaining to such approvals along with other irregularities. The Financial Ministry stated it would check out the possibility of instituting a departmental inquiry into the housing finance racket that led to detain of older officials from the LIC Casing Finance and public sector banks.

The CBI offers alleged that Naresh Chopra, secretary (investment) LIC, had assured Rajesh Sharma pounds Matters that he would “disfavour the proposal of DIE BAHN Realty, which in turn had got into contact with it funding through various other agent. ” Subsequently, DEUTSCHE BAHN Realty contacted Money Things and got credit worth Rs 200 crore sanctioned and disbursed within four a few months. •Too very much power inside the hands of any very few. There should be greater visibility in providing loan by simply financial institutes. there is have to destroy this sort of rackets in financial institutes & banks. Surroundings India charged double do to save Indians in Egypt.

Visitors and newly-weds on their honeymoon, many of to whom were on a tight budget and would not have access to immediate funds, were the most severe hit. Various fliers lamented that they had to pay cash on the spot to be able to procure a flight admission. AI airline flight was a benefit because each of our earlier air travel had been terminated. But they was required to pay double money at that moment to can get on the plane. Towards the end of a vacation, most people might not have so much profit hand. •Air India should understand the responsibility towards Indians.

There should be visibility in cost of air carriers especially during time of unexpected emergency. Rs. 300 Crore Citibank Fraud Mr. Shivraj Puri, an employee of Gurgoan department had siphoned of money via 40 large networth traders (HNI) amounting to Rs 400 crore.

Mr. Shivraj Puri can be described as Senior Marriage Manager in Citibank Gurgoan branch. He used a forged warning announcement of Investments & Exchange Board of India (SEBI) stating that few select clients could earn larger returns (18% to 20%) if that they invested in his suggested techniques.

He spent the money obtained from HNI inside the stock market in the personal ability over a period of few months. He put in money in discuss market through brokage organizations Religare and Bonanza the main client troubled by the scams is Leading man Honda group and the quantity diverted is to the track of Rs 200 crore (USD forty-four. 67 million).  Mr.

Sanjay Gupta, Helper Vice President inside the accounts office of Main character Corporate Services have shaped two financial institutions BG Financing and G2S Consultancy and diverted Leading man group marketer funds during these two corporations. These funds were in that case fraudulently invested by Mr. Shivraj Puri of Citibank. Mr.

Sanjay Gupta offers allegedly taken Rs 20 crore (USD 4. 46 million) while commission coming from Mr. Shivraj Puri to get diverting these funds. It is suspected that Mr. Sanjay Gupta was aware of the forged SEBI letter nevertheless recommended the investment into a number of people. Honest issues: •Lack of control and direction on the activities of the Romantic relationship Manager. •Religare and Paz should have questioned the source of funds of Mr.

Puri as he is known as a salaried employee. Banks & financial institutes should keep an eye on suspicious ventures with special emphasis on HNI accounts. There should be adequate control over relationship managers activities. India’s latest grain scam requires Rs 2 hundred, 000 crore The latest in the scam series in India, the UP rice fraud could be the biggest of them all, possibly outdistancing the so called 2G Spectrum rip-off.

According to reports, a massive stock of food materials meant for syndication under the Antyodaya, Annapurna and Mid-Day Meal schemes was smuggled beyond the state and even the country to Bangladesh, Nepal and other countries. It is believed that top rated officials from the state in addition to the central government colluded to divert the meals grain among 2001 and 2007. The scam involves goofing up of rice really worth Rs 200, 000 crore. It was a hoax that stretched to almost 7 years and 300 FIRs. The rip-off was reported in Uttar Pradesh inside the period the moment Samajwadi Party leader Mulayam Singh Yadev was the key minister with the UP.

This food materials was for poor people both free or at extremely subsidies level. Transportation by goods teaches to remote corners with the country suggested that smuggling happened in collusion based on a authorities. Simply no action was taken in last 10 years.

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