Home > business > Satyam scam bigger than disclosed by Raju: CBI

Satyam scam bigger than disclosed by Raju: CBI

The CBI’s probe has shown that the Satyam Computer 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 disclosed by Raju on January 7.

They said the investigating agency during 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 to cheat the public who were purchasing its shares.

Complete article

This article was originally posted on IBNLive.com

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