'Satyam scam started with adjustment of Rs 10cr'

Agencies
Posted: Tuesday, Apr 07, 2009 at 1456 hrs IST
Updated: Tuesday, Apr 07, 2009 at 1456 hrs IST

Font Size

Feedback

Discuss

Mumbai: It all started as an adjustment of Rs 10 crore around 5-6 years ago and the malpractice continued quarter after quarter before the accounting fraud at Satyam Computer assumed the proportions of country's biggest ever corporate scam involving thousands of crore.

The latest bit of information was revealed by the accounting regulator ICAI which questioned the Satyam's former CFO V Srinivas and two sacked auditors of Pricewaterhouse-Bangalore which audited Satyam’s accounts.

"The CFO told us the scam started 5-6 years ago with a small adjustment of Rs 10 crore, which they then inflated to Rs 200 crore. This continued quarter after quarter and year after year and by the second quarter of 2008 had attained unmanageable proportions," Institute of Chartered Accountants of India (ICAI) President Uttam Prakash Agarwal said in Mumbai.

Srinivas also informed ICAI that the fraud had been "masterminded" by Satyam's founder and former chairman B Ramalinga Raju, his younger brother company's former managing director B Rama Raju, the ICAI President said.

Srinivas and the two former Price Waterhouse auditors S Gopalakrishnan and Talluri Srinivas yesterday questioned by Agarwal and Shantilal Daga, a member of the high-powered ICAI committee investigating the Satyam case, at the Chanchalguda Central Prison in Hyderabad.

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.