Satyam faked 13000 salary accounts: prosecutor

Satyam faked 13,000 salary accounts: prosecutor

CID custody of Raju and brother extended

Thursday, January 22, 2009

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.

The prosecutor 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

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Gangadhar Barve said on 1/24/2009 6:32:37 AM:
India can produce not only a Slumdog Millionnaire but also a Taxfree Billionnaire. Remeber the motto of the country "SATYAMEVA JAYATE"

to Gangadhar Barve

Suresh said on 1/23/2009 9:37:07 AM:
The Satyam story is getting boring. Bring on another one.

to Suresh

Eldo said on 1/23/2009 9:35:48 AM:
Where will this end?

to Eldo

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