Not possible to quantify Satyam fraud till probe is over: Govt | business | Hindustan Times
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Not possible to quantify Satyam fraud till probe is over: Govt

The government on Thursday said that it is not possible to quantify the amount involved in the Satyam fraud, which came to light in January 2009, till the completion of the CBI inquiry.

business Updated: Apr 22, 2010 17:49 IST

The government on Thursday said that it is not possible to quantify the amount involved in the Satyam fraud, which came to light in January 2009, till the completion of the CBI inquiry.

"As the investigation by CBI is still in progress, it is not possible to quantify the amount involved in the scam," Minister of Corporate Affairs Salman Khurshid told the Lok Sabha in a written reply.

The founder Chairman of Satyam Computer Services, B Ramalinga Raju in January last year admitted to cooking of books of accounts, following which the government ordered the Serious Fraud Investigation Office and CBI to investigate it.

CBI, Khurshid said, filed the first charge sheet in April this year, exactly three months after Raju disclosed the fraud. The agency confirmed that Raju had fudged accounts.

The agency filed a supplementary chargesheet in November 2009 "in which name of global head of internal audit of Satyam was also included." A separate chargesheet was filed by CBI in January "against the then Chairman, MD, CFO, Vice President (Finance) and auditors of the company for filing false income tax returns", he added.

The investigation of the Satyam scam by CBI with regard to diversion of funds from the company is still in progress, Khurshid said.

Satyam was later taken over by Tech Mahindra after competitive bidding process held under the directions of the Company Law Board (CLB).