7 Indian businessmen caught on the wrong side of the law

Vijay Mallya

Vijay Vittal Mallya is an Indian businessman and is the ex-chairman of United Spirits Ltd. Mallya left India on March 2, 2016 and moved to United Kingdom. He owes Rs 9,000 crore to a consortium of 17 Indian banks. Yesterday Mallya was arrested in London by Scotland Yard for loan default case but was granted bail within 3 hours of his arrest.

Subrata Roy

In 2012, Supreme Court had directed Sahara group companies to refund close to Rs 17,400 crore that was collected from about three crore investors subscribing to optionally fully convertible debentures (OFCDs) along with 15 per cent interest. In March 2014, Sahara chief Subrata Roy was arrested for not complying with Supreme Court orders to refund investors money.

Jignesh Shah

Jignesh Shah started a company called National Spot Exchange Limited (NSEL). Commodities that were traded on NSEL were not found in the warehouses. In 2013, the exchange defaulted payments to about 13,000 investors who lost money in the Rs 5,600-crore NSEL scam. On July 13, 2016, Jignesh Shah was arrested by the Enforcement Directorate (ED).

Harshad Mehta

In 1992, Harshad Mehta came to the limelight for rigging the stock market and causing a Rs 5,000 crore financial scandal in the BSE securities scam.  After the scam was exposed, the markets crashed by 72 per cent leading to one of the biggest falls and a bearish phase that lasted for two years. He was tried for nine years and died behind bars in Thane 2001 as a broken man.

B Ramalinga Raju

In April 2015, the man behind the Satyam scandal B Ramalinga Raju was sentenced to seven years rigorous imprisonment. He was fined Rs 5.5 crore after he was convicted by a special court in the Rs 7,800-crore accounting fraud that rendered a big blow to country's IT sector.

Ketan Parekh

Between 1999 and 2001, Ketan Parekh made millions of dollars for himself and billions for his clients. He is banned from trading till 2017, according to market regulator SEBI for having rigged the market by wrongful means. He was trained by the late Harshad Mehta and his brother Ashwini Mehta.

CR Bhansali

In 1997, CBI had registered a case against Bhansali for cheating SBI to the tune of Rs 57 crore. Chain Roop Bhansali, chairman of CRB Caps, allegedly siphoned out funds from the bank under the guise of encashment of interest warrants and refund warrants of principal amount.