30 Nov Additional fraud at Satyam discovered
The accounting fraud at Satyam Computer Services was 40 percent larger than what the Indian software company’s former chairman had said, the Central Bureau of Investigation said Wednesday.
Investigators found 28.09 billion rupees, or about $607 million, in additional accounting fraud at Satyam, V.V. Lakshmi Narayana, a deputy inspector general at the agency, said by telephone from Hyderabad. That is on top of the 71.36 billion rupees the former chairman, B. Ramalinga Raju, said that he misrepresented by inflating company assets and understating debt.
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