Thread: Satyam Fraud

Originally Posted by Rameshjeee

Government has refused to bailout Satyam saying that if they bailout Satyam, then they (Govt) become part-owner...& in US, there are 10 cases/suits against Satyam.Which means he suits is against the Indian Govt,as it is the part-owner.

Yes, ramesh is right, i learnt this today in the morning., govt said they don't want to share satyam illegal liabilities, and the govt don't wanna part of this crime

Originally Posted by Manish

Yes, ramesh is right, i learnt this today in the morning., govt said they don't want to share satyam illegal liabilities, and the govt don't wanna part of this crime

I am always right...

fftopic:fftopic:

Just imagine if something of this magnitude will happen to Reliance...
India will be doomed !

ACCORDING TO THE PUBLIC PROSECUTOR

• Ramalinga Raju has diverted crores of rupees from Satyam accounts to those of his kith and kin
  
• He also invested the diverted money in Maytas Infra, Maytas Properties and other sister concerns
• Raju also transferred the shares in the name of his brother Suryanarayana and mother Appalanarasamma
  
• Satyam’s staff strength was inflated from 40,000 to 53,000, and crores of rupees drawn in the names of these 13,000 fictitious employees were siphoned off every month, amounting to Rs 1,200 crore over five years
• Raju bought thousands of acres of land with Satyam money, mostly in and around Hyderabad, and registered them in the names of his family members and relatives
  
• Fixed deposit certificates from HDFC, ICICI, etc confirming Satyam’s FDs worth thousands of crores are all forged

well obviously he wasnt tht stupid to play these games n keep the money with his own self......but wht is bothering me is these properties n money on whomsoever;s name it is.....r thy taken off from them ????

The actual number of permanent employees is 43,622.This was revealed by the regional office of the Provident Fund Organisation. They lodged a complaint against the Rajus for not depositing Rs 7.5 crore which was the employees' share of PF for December 2008.