Haridas Mundhra

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Haridas Mundhra was a Calcutta based industrialist and he became notorious for committing first big financial scandal of free India. There is a government owned company in insurance: Life Insurance Corporation (LIC). The Corporation invests funbds in company shares and other things. The LIC bypassed rules and regulations to invest shares in companies owned by Mundhra, and some of the companies were just useless companies. LIC lost a lot of money.

The crime was brought to light by Feroze Gandhi who was husband of Indira Gandhi. Indira was daughter of Prime Minister Nehru. This created a lot of political furor in Indian Parliament and press. The Finance Minister of India of that time Mr. T.T. Krishanamachari had to resign. The government appointed a committee to examine the matter headed by Justice Chagla.

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