Scandal isn't based on a true story. It's a creation of the writer's imagination, although it might draw inspiration from real-life situations or themes in a loose way.
It's hard to say for sure. Scandals in various forms of media can be a mix of truth and fiction. Sometimes they draw loosely from real-life incidents, while in other cases, they have no basis in reality at all.
The Enron scandal was a major corporate fraud. Enron, once a large energy company, used accounting loopholes and special - purpose entities to hide debt and inflate profits. Executives like Kenneth Lay and Jeffrey Skilling were involved. Their actions led to the company's bankruptcy in 2001. It also had a huge impact on investors who lost billions, and employees who lost their jobs and pensions. Auditors Arthur Andersen were also implicated as they failed to detect the fraud, which ultimately led to their downfall as well.
The Satyam scandal. Well, it was a huge deal. Satyam, a big name in the IT world, turned out to be a fraud. The top management, especially Ramalinga Raju, cooked the books. They made it seem like the company was doing great financially when it actually wasn't. For example, they faked the amount of money they had in the bank. When this all came to light, it sent shockwaves through the business world. Shareholders lost a lot of money as the share price crashed, and employees were also in a tough spot as the company's future became uncertain.