Architectures of Deceit: Analysing the Legal and Regulatory Aftermath of Landmark Indian Corporate Scams

Through the lens of three significant case studies—the Harshad Mehta securities scam (1992), the Satyam Computer Services accounting fraud (2009), and the IL&FS liquidity crisis (2018)—this research paper investigates the course of corporate fraud and the subsequent development of regulatory frameworks in India. The report used a qualitative case-study methodology to examine the distinct "modus operandi" of every incident, from clever "creative accounting" and the collapse of intricate shadow banking systems to the exploitation of ready-forward trades and faked bank receipts. The paper also assesses the legislative reactions to these occurrences, particularly the strengthening of the Insolvency and Bankruptcy Code (IBC), the adoption of the Companies Act, 2013, and the empowerment of SEBI. According to the report, corporate wrongdoing has shifted from external market manipulation to systemic liquidity problems and internal governance shortcomings. It emphasizes how each crisis served as a trigger for legislative change, fixing gaps in the law while also exposing fresh weaknesses in board oversight and audit independence. The study comes to the conclusion that although the regulatory environment in India has grown considerably stronger, the shift from "rule-based" to "principle-based" governance is still difficult. To reduce the likelihood of future corporate misbehaviour, judicial vigilance and technology integration in audits are crucial.