Satyam scam may be bigger than disclosed

Mahindra Satyam Ltd. (Amalgamated) | IT - Software | IT & ITES | BSE: 500376 | NSE: SATYAMCOMP

23 Mar 2009 Evaluate

The probe into the accounting fraud at Satyam Computer Services has given CBI enough reasons to believe that the scam involves a much bigger amount, close to Rs 10,000 crore, than what was disclosed by the IT company’s founder, Ramalinga Raju.

Sources said the agency has retrieved over 7,000 fake invoices and forged documents showing fixed deposits and bank balances, and their evaluation shows that the size of the scam is over Rs 9,600 crore, much more than the Rs 7,800 crore Raju disclosed on January 7.

The probe found that the accused relied heavily on technology to generate nearly 7,000 fake invoices to the tune of Rs 4,500 crore and fed the same into Satyam’s books. The sources said these inflated figures were also reflected in the balance sheet in the form of audit reports, which helped the company cheat the public who were purchasing its shares.

The accused had forged documents and created fake Fixed Deposit Receipts (FDRs) to the tune of Rs 3,300 crore. The FDRs were shown by the accused as available deposits of the company, the sources said, adding the accused had also allegedly manipulated bank guarantees to show the balance in bank accounts as Rs 1,800 crore.

The CBI alleged that the accused had forged bank documents showing the existence of the cash balance in five banks, including ICICI Bank, HSBC, Citibank and BNP Paribas, but the banks clarified that they did not have any cash balance in the name of the firm.

CBI is, at present, questioning the disgraced former chairman, B Ramalinga Raju, and others, including the auditors of Price Waterhouse. Their custody was handed over to CBI yesterday for two days. Besides Raju, his brother Rama Raju, Satyam’s former CFO Vadlamani Srinivas and PW partners S Gopalakrishnan and Talluri Srinivas are in jail, awaiting trial in connection with the case dubbed as India’s biggest corporate fraud.crack crack

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