How Vadodara Became a Hotbed of Financial Scams & Rackets?

Quint.com in this piece:

Vadodara in Gujarat is also called as ‘Sanskaari Nagari’ or the Cultured city, as much of Gujarat’s history and heritage finds its roots here.

But of late, the city is also shaping up to be a hot bed for scamsters who have allegedly resorted to financial fraud, which in some cases are to the tune of thousands of crores of rupees. These cases pertain to bank frauds where companies have duped loan syndicates and misappropriated the funds and rackets carried out in public works and infra development projects.

Incidentally, it is speculated that big ticket economic frauds have links with national-level political parties, while the other rackets are rooted in corruption and apathy at the civic body level.

The Quint lists out a range of such scams that has its roots in Vadodara.

Quite a few frauds and scams.

Here are some related articles: one, two.

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