HISTORY OF THE SCAM
The scam caused by the Satyam Computer Services Limited, a leading IT company of India is one among the biggest scandals of a corporate firm in India which caused a huge loss to the investors of about nearly Rs.14, 162 crores. Ramalinga Raju the Chief Executive Officer of Satyam computers is the main accused in the scandal where he along with his family members clipped forbidden money of about Rs.2,743 crores by various immoral and cunning means. The swindling of money was accomplished by increasing the revenue of the company by a large or excessive amount through false sales invoices and also comparable gains has been displayed by forging the bank statements with the assistance of the Statutory and Internal Auditors of the company. For quite a few number of years the company was cheating the public by publishing the company's annual financial statements with an inflated revenue.
A MULTI-DISCIPLANARY INVESTIGATION TEAM (MDIT)
This automatically led to an increased price of the Satyam Company's script in the market which in turn tempted the innocent investors to invest in the company. Lot of attempts was made to tuck away the fraud activities of the company. Soon it was taken over by the Central Bureau of Investigation to further probe into the case. The CBI constituted a Multi-Disciplinary Investigation Team (MDIT) to investigate the case. The CBI took exactly 45 days to prepare a thorough report on the case and filed its first charge sheet against the prime accused Ramalinga Raju on grounds of offences of criminal conspiracy, cheating, forgery and falsification of accounts. The CEO of the Satyam Company Ramalinga Raju took ownership of the broad accounting improprieties that overstated the company's revenues and profits and reported a cash holding of approximately $1.04 billion that simply did not exist.
LACK OF AUDIT CONTROLS AND A SYSTEMIC REVIEW
A thorough analysis report of Satyam Computer Services Ltd was given by the Serious Fraud Investigation Office (SFIO) on the swindle of huge amount of money and the act of unscrupulous way of software, and lack of audit controls and systemic review. The fraud activities of Satyam computers took place in three different phases. From 1999 and for at least three years the company successfully drove on the Y2K phenomenon, during which most of the software companies in India did extremely well by getting huge orders and made a good money of it. The second phase of the fraud activities according to the reports submitted by the Serious Fraud Investigation Office (SFIO) clearly states that it started in 2001 which witnessed the falsification of accounts so as to keep the share price of Satyam computers quite high. The company had already gone public in the year 1992 itself.
THE REPORT PRODUCED BY SFIO

THE ORGANIZATION ENGAGED IN AN UNLAWFUL OR IMMORAL ACTIVITY

INVESTIGATION REPORT
At the time of Satyam scandal it was even compared with that of the Enron scandal of US by the analysts. Some social commentators see it more as a part of a broader problem relating to India's caste-based, family-owned corporate environment. The whole of the corporate community was taken aback when the scandal of Satyam Company was brought into light and the chairman Ramalinga Raju resigned on 7 January, 2009 and disclosed that he had manipulated the accounts by US$1.47-Billion. The auditors of the Satyam Company played a major role in the scandal and at the time of the breaking news of the scandal the permit's auditor of Satyam Computer Services was Pricewaterhouse Coopers. The US Securities and Exchange Commission (SEC) charged the Indian arm of Pricewaterhouse Coopers with an amount of nearly $6 million for the reason of not following code of conduct and auditing standards in the performance of its duties related to the auditing of the accounts of Satyam Computer Services.
BAIL FOR THE CHAIRMAN OF SATYAM COMPUTERS
The Supreme Court granted bail for the chairman of Satyam Computers along with two other main accused on November 4th, 2011 for the reason that the Central Bureau of Investigation failed to file a charge sheet against the accused even after a period of 33 months Ramalinga Raju being arrested. Maytas situation was addressed by a specially appointed task force by the CEO Ramalinga Raju just before few days before he revealed the news of the accounting fraud. Once the scandal was out in the light, Ram Mynampati was elected as the interim CEO of the Satyam Computers by the then board members. The Crime Investigation Department (CID) conducted a probing session with the then CFO of Satyam namely, Vadlamani Srinivas and later he was arrested and was kept in judicial custody. Immediately on January 11th, 2009, the government took steps to appoint or nominate a team of new members to the Satyam boars and they were a noted banker Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan to Satyam's board.Disclaimer:
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