Satyam Scam Amount Can be More than five figures ,says CBI
photo Source :.robmillard.com
Satyam is not satyam and infact far way ,what business demands.
In worst history of Indian corporate , satyam fraud which rocked the corporate world earlier this year and will remain a lesson for others to learn , is said to account more than five figures which is believe to be one of the biggest scam amount , and can cross 10000 crores according to central bureau of investigation (India).
CBI reveals that satyam fraud amount is figuring to new heights ,then that unwrap by its founder Ramalinga raju .
The detail investigation report states that agency was successful in recovering 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.
Mean while the sources confirmed that these high sounding figures , were mentioned in the balance sheet , thus in the form of audit reports , which directly boosted company to defraud public who were purchasing its shares.
The accused even misleaded the agencies and revealed fake and fraud statements regarding company financial details .Not even this accused used the latest technological methods to generate fake invoices amounting Rs.4,500 crore and pump the same into satyam books.
Source : economictimes.indiatimes.com
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