Ex-CFO describes Raju brothers "masterminds" in Satyam fraud

Satyam Computer's former CFO Vadlamani Srinivas on Sunday told the apex accounting body ICAI that the IT company's founder chairman Ramalinga Raju and his brother Rama Raju were the "masterminds" behind the multi-crore rupee accounting fraud.

Satyam Computer's former CFO Vadlamani Srinivas on Sunday told the apex accounting body ICAI that the IT company's founder chairman Ramalinga Raju and his brother Rama Raju were the "masterminds" behind the multi-crore rupee accounting fraud.

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Squarely blaming the Raju brothers for the Satyam fraud, he admitted before the two-member team of the Institute of Chartered Accountants of India (ICAI) that "this (accounting fraud) was going on for the last four-five years".

Srinivas, along with two ex-Price Waterhouse-Bangalore auditors, was questioned throughout the day by ICAI President Uttam Kumar Agarwal and a member of the high-powered committee investigating the Satyam case, Shantilal Daga, at the Chanchalguda jail in Hyderabad.