Satyam faked 13,000 salary accounts: prosecutor
CID custody of Raju and brother extended
HYDERABAD, INDIA: A prosecutor pursuing allegations of the financial fraud at Satyam Computer Services Ltd told the court on Thursday that the company has faked 13,000 salary accounts.
Satyam actually employs 40,000 people, and not 53,000, said the prosecutor.
While ten thousand employees were non-existent, 3,000 belonged to attrition category. Assistant prosecutor K. Ajay Kumar also said as many as 400 fake transactions had been uncovered in the investigation so far.
The public prosecutor said that crores of rupees were possibly siphoned off at regular intervals and diverted it to benami accounts.
also said that accounts were fudged, bank statements were forged and shares were transferred.
The court which heard the case extended the CID custody of Ramalinga Raju and his brother and Satyam's former managing director B. Rama Raju for one more day.
A lawyer for both Ramalinga Raju and Rama Raju denied the prosecutor's allegations, saying they were false, weren't included in documents filed with the court, and that there was no siphoning of money from the company.
©CyberMedia News
SOurce - http://www.ciol.com//News/News-Reports/Satyam-faked-13%2C000-salary-accounts-prosecutor/22109115111/0/
HYDERABAD, INDIA: A prosecutor pursuing allegations of the financial fraud at Satyam Computer Services Ltd told the court on Thursday that the company has faked 13,000 salary accounts.
Satyam actually employs 40,000 people, and not 53,000, said the prosecutor.
While ten thousand employees were non-existent, 3,000 belonged to attrition category. Assistant prosecutor K. Ajay Kumar also said as many as 400 fake transactions had been uncovered in the investigation so far.
The public prosecutor said that crores of rupees were possibly siphoned off at regular intervals and diverted it to benami accounts.
also said that accounts were fudged, bank statements were forged and shares were transferred.
The court which heard the case extended the CID custody of Ramalinga Raju and his brother and Satyam's former managing director B. Rama Raju for one more day.
A lawyer for both Ramalinga Raju and Rama Raju denied the prosecutor's allegations, saying they were false, weren't included in documents filed with the court, and that there was no siphoning of money from the company.
©CyberMedia News
SOurce - http://www.ciol.com//News/News-Reports/Satyam-faked-13%2C000-salary-accounts-prosecutor/22109115111/0/
Labels: Ramlinga Raju, Satyam
posted by Admin at 1:56 AM
1 Comments:
I understand that they did 7K crore or more fraud to make more and more money. But faked employees is the cheapest way and I still fear that there is any further bottoms to this case.
Also the way investigation has progressed and police/CID is talking more about this issue rather than the actual money issue, the whole investigation should move out to central government intelligence agencies. http://ienvisage.blogspot.com
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