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CBI claims unearthing additional fraud of Rs 4,739 crore in Satyam

25 Nov 2009 Evaluate

The Central Bureau of Investigation (CBI) has stumbled upon more evidence that could push the size of the fraud at Satyam Computer Services to Rs 11,875 crore from the initially estimated Rs 7,136 crore. Submitting the supplementary charge-sheet in the financial fraud case, the CBI has claimed an additional fraud of Rs 4,739 crore.

 

Apart from this, Satyam investors might have lost Rs 14,000 crore during the crisis period. Talking to reporters later in the Court premises here, Mr V. V. Lakshmi Narayana, CBI Deputy Inspector-General, said evidence showed that the accused raised Rs 1,931 crore by pledging shares and had pocketed Rs 748 crore by offloading shares.

 

The accused had also forged the resolutions of the board and secured loans and advances to the tune of Rs 1,220 crore. The 200-page supplementary chargesheet contained 1,549 additional documents, 301 additional witnesses and nine ‘material objects’. With this, the entire documentation in the case so far runs into 55,000 pages.

 

The CBI also alleged that the accused garnered Rs 230 crore in the form of dividends on the highly inflated profits. Besides, they had created fake customers and generated fake invoices against these customers to inflate revenues to the tune of Rs 430 crore.

 

The CBI alleged that the accused tried to cover up the whole fraud by carrying out the Satyam-Maytas acquisition deal. In this process, they wanted to cheat the investors of Maytas Infra and Maytas Properties.

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