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The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India -based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when ...
One-time top-tier Indian IT services provider Satyam was rescued from collapse in 2009 following a massive internal fraud, but what is its recipe for once again being top billing?
In December 2008, Satyam founder B. Ramalinga Raju made a final attempt to conceal his falsification of the Satyam Computer Services balance sheets by acquiring Maytas Infrastructure and Maytas Properties for $1.6 billion, despite concerns raised by independent directors. [35]
Dec 20, 2023 · On January 7, 2009, a ‘confessional-cum-resignation letter’ upended the fate of Satyam Computer Services Limited. The company’s chairman and managing director, B. Raju, made a startling revelation that sent shock waves across the board. He blew the gaff on a series of financial discrepancies hidden in the books of accounts of Satyam. He revealed:
Jan 9, 2009 · In one of the biggest frauds in India's corporate history, B. Ramalinga Raju, founder and CEO of Satyam Computers, India's fourth-largest IT services firm, announced on January 7 that his company had been falsifying its accounts for years, overstating revenues and inflating profits by $1 billion.
Anatomy of a fraud. 1. Maintaining records. · Raju maintained thorough details of the Satyam's accounts and minutes of meetings since 2002. · Raju stored records of accounts for the latest year...
Apr 9, 2015 · A special court under India’s Central Bureau of Investigation (CBI) on April 10 held the founders and former officials of outsourcing firm, Satyam Computer Services, guilty in an accounting scam...
