My God! You are a mess ARu K! Cool it Pal. So much frustration is not good .. for yourself. What you say may be true. But reality is that the world is not a fair place. It indeed is a DOG EAT DOG world and you'll find pretences of every kind, every where!
You are a intelligent guy from a Hi fi college, but still stuck in off shore infy, while a fake made it big in the US! So what do you do?
Simple. Log ur self out of the rat race. Figure out what your passion in life is and what you want to as a career and try to do it better than most. A career is a long, long race. Someone who seems to be rocketing now will appear to be limping in a few years. So don't ever get frustrated looking at others.
What really matters is are you doing what pleases you! A friend of mine left an IT job and started a company who takes people on bike rides through out india. Think about it!