CBI believes Satyam fraud much higher than disclosed | business | Hindustan Times
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CBI believes Satyam fraud much higher than disclosed

Its probe into the accounting fraud in Satyam Computer has given CBI enough reason 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, who is now awaiting trial.

business Updated: Mar 22, 2009 13:24 IST

Its probe into the accounting fraud in Satyam Computer has given CBI enough reason 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, who is now awaiting trial.

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.

The buck did not stop here as the accused also have given false and fabricated statements, found by the CBI, about high capital of the company.

The accused forged documents and created fake fixed deposit receipts to the tune of Rs 3,300 crore.