Bofors

BOFORS SCANDAL
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SIDDHARTH SAPKALE 57 AMIT SHAH 60 YUVRAJ RANE 55
Introduction
The Bofors scandal was a major corruption scandal in India in the 1980s and 1990s Initiated by Congress politicians and implicating the prime minister Rajiv Gandhi and several others who were accused of receiving kickbacks from Bofors AB for winning a bid to supply India's 155 mm field howitzer . The Swedish company paid 64 crore (US$11.65 million) in kickbacks to top Indian politicians and key defense officials The deal was $ 1.4 billion around 1437.72 crore between Indian Govt & Swedish Arms Company AB Bofors for supply of over 400 155mm howitzers on March 24, 1986 The scale of the corruption was far worse than any that India had seen before.
People Involved in scam..

Then Prime Minister Rajiv Gandhi Former defence secretary S. K. Bhatnagar. The alleged middle man. Ottavio Quattrocchi is the lone surviving suspect in the multi-crore Bofors scandal. Win Chadha: Arms agent. He was accused of receiving a part of the Rs 640 million. Martin Karl Ardbo: Former Bofors chief.
The Hindujas: Proprietors of the UK-based industrial group.
Important Dates
March 24, 1986: A $1.4 billion contract between the Indian government and Swedish arms company AB Bofors signed for supply of over 400 155mm howitzers. April 16, 1987: Swedish Radio claims Bofors paid kickbacks to top Indian politicians and key defence officials to secure the deal. April 20, 1987: Then Indian prime minister Rajiv Gandhi assures the Lok Sabha that neither was any middleman involved in the deal nor were kickbacks paid.. January 22, 1990: Central Bureau of Investigation (CBI) registers complaint in the case. January 26, 1990: Swiss authorities freeze bank accounts of Svenska and AE Services, who allegedly received unauthorised commissions for the deal. November 7, 1999: Trial court issues arrest warrants against Quattrocchi, while summoning other four accused
July 29, 2000: Trial court issues "open non-bailable arrest warrants" against Ardbo.
December 20, 2000: Quattrocchi arrested in Malaysia July 28, 2003: Acting on India's request, Britain freezes Quattrocchi's bank accounts February 4, 2004: Delhi High Court clears Rajiv Gandhi of involvement in the Bofors kickbacks scandal. May 31, 2005: Delhi High Court clears Hindujas of involvement in the scandal Feb 24, 2007: Fresh warrant of arrest against Quattrocchi obtained from Delhi court Sep 8, 2009: CBI seeks two weeks time from trial court to explore options against Quattrocchi.
Sep 29, 2009: Government tells Supreme Court about decision to withdraw case against Quattrocchi.
Dec 14, 2010: A Delhi court reserves order till Jan 4, 2011 on a plea of CBI seeking to drop criminal proceedings against Quattrocchi.
Jan 3, 2011: An Income Tax tribunal rules that commission in violation of Indian laws was indeed paid to Quattrochi and Chadha in the gun deal that cost the national exchequer Rs.412.4 million some 23 years ago.
Money trail In Bofors scam
Bofors remitted on September 3, 1986, $7.3 million into AES account number 18051-53 in Nordfinanz Bank, Zurich.
Two weeks later (on September 16, 1986) AES delivered $7 million into account number 254.561.60W in the same bank in the name of Colbar Investments a company controlled by Q and Maria.
In April 1987, the Swedish Radio broke the news of bribes in Bofors deal with India. Later, in June 1988, the media published authoritative documents seized by the Swedish police which established the payoff. By now, Bofors scam had become a huge national issue.
On July 25, 1988 $7.9 million moved from Colbar to account number 488.320.60X of Wetelsen Overseas SA, in UBS, Geneva
Next, on May 21, 1990, $9.2 million moved from Wetelson to account number 123983 of IIDCL, Ansbacher, St Peter Port, Guernsey (Channel Islands)
Later, on June 5, 1990, $2.4 million channelled into code-named account Robusta in Banque Karfinco SA from Swiss Bank Corp, New York.
Afterwards, on June 12, 1990, $5.3 million was transferred to code-named accounts Arabica, Robusta and Luxor in Austria from Swiss Bank accounts in Geneva.
Within six days of the Swiss government giving these details to India in 1993, Q slipped out of India
Later, in June 2003, Interpol found that Q and Maria had two accounts, bearing numbers 5A5151516L and 5A5151516M in the London branch of the Swiss bank BSI AG with Euros three million and $1 million.
They were frozen on CBIs request. British courts later repeatedly turned down Quattrocchis several appeals to de-freeze the accounts.
Unethical Issues
Taking or giving bribe:
The
Prime Minister Rajiv Gandhi and several others
were accused of receiving
kickbacks from Bofors AB (Bofors Aktiebolaget ) for winning a bid to supply India's 155 mm field howitzer.
Using political Power:

The HC Ruled that the prosecution has failed to prove that the hinduja Brothers Gopichand, Prakashchandan & Srichand were linked to the Kickbacks in the Bofors Deal, which led to
the ouster of late Indian Prime Minister Rajiv Gandhi from Power. The court later gave Rajiv
Gandhi a clean chit.
Covering up incidents No case can Proceeded against the Hinduja or the Bofors Company in the absence of original documents
Taking Advantage of Official Position

Former defense Secretary he has taking advantage of his position. He was accused of abusing his official authority as the then Defence Secretary to tilt the scales in favour of the Swedish firm for the Rs. 1437-crore contract to supply 155 mm howitzer guns to the Indian
Army.
Wasting Public Money & time The deal was worth 1437.72 crore that time.the kickbacks were sighted to be the turn of Rs. 64 crore, but the probe cost Rs. 250 Crore. In a time of 18 year
It was a clear case of abuse of power by those in the highest positions. The amazing turn of events that lead to Quattricchi's acquittal, removal of red corner notice, defreezing of accounts came just after Congress under Sonia Gandhi returned to power in 2004
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BOFORS SCANDAL

People Involved in scam..

The Hindujas: Proprietors of the UK-based industrial group.

Money trail In Bofors scam

Prime Minister Rajiv Gandhi and several others

were accused of receiving

Using political Power:

Taking Advantage of Official Position

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