Scams that shook the world

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Every year there's a new scam emanating in the corporate world. 2009 was not an exception either as the scams recalled the wrongdoings committed at Enron and Stanford. More importantly, India was in the top list of scams.

The shocking revelation by Satyam founder Ramalinga Raju about the scam in the IT major raised queries on the corporate governance front and the crucial role of company appointed auditors. The spectrum scam in the country gave enough ammunition for the opposition parties to take on the Congress-led government.

The $53-million Galleon insider trading scam, the largest ever such case in the United States, came to light in October. These scams expose the loopholes in the regulatory system and the the need to impose stringent penalty on defaulters. A quick look at some of the scams that shook the corporate world.

Image courtesy: Getty / AFP

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