This past Saturday, India’s Central Bureau of Investigation unveiled corruption charges against Andimuthu Raja, India’s former minister for communications and information technology, and several others. Raja allegedly rigged the allocation process for mobile telecommunications bandwidth to favor certain companies, possibly costing the government a whopping $40 billion in lost license fees. The ex-minister has not yet responded to the charges, but had previously said he is innocent.
The scandal is by far the largest but not the only instance of corporate misconduct to have hit India in recent months. And lawyers in the market say they are beginning to see an impact on investor confidence.
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