The SFIO has submitted its reports relating to various findings and has also commenced prosecution against the Company for two alleged violations before the Economic Offenses Court, Hyderabad against the Company and others. then to bury this question Raju very smartly showed several fake bank statements, moreover he was able to show that the money shown by the sales are deposited in the bank which means he had started showing several bank reserves which in true sense never existed at all. The investigating agencies in India and the Securities and Exchange Commission (SEC) of the United States of America (USA), are currently investigating matters such as round tripping pertaining to periods prior to April 1,2002. 12 Million of gross debits and Rs. Corporate Accounting Fraud: A Case Study of Satyam Computers Limited. The CBI initiated legal proceedings before the Additional Chief Metropolitan Magistrate for Trial of Satyam Scam Cases, Hyderabad (ACMM) and has filed certain specific charge sheets against the erstwhile Chairman and others based on its findings so far. The government has stepped in to investigate all important directors and employees associated with Satyam who could be involved in the fraud. 182 Million, cash and bank balances by Rs. Satyam objects to World Bank’s statement and wants the bank to withdraw its “inappropriate” statements. 2 Million. Further, the Company terminated the former Chief Finance Officer, Mr. Srinivas Vadlamani, with effect from January 8, 2009. The trial is ongoing before the ACMM. The same resulted in understatement of cash and bank balances by Rs. As per the letter, the gap in the Company’s Balance Sheet had arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone). Subsequent to the January 7, 2009 letter of the erstwhile Chairman, the Honourable CLB vide its order dated January 9,2009 suspended the erstwhile Board of Directors including the erstwhile Chairman, Mr. B. Ramalinga Raju, and the former Managing Director, Mr. B. Rama Raju, with immediate effect. Satyam shares fall 9 per cent amid apprehension that corporate governance concerns could affect new business. Moreover, SEBI put the charges of “Insider Training” on Raju and his family, and ordered him and his family to return Rs. 2,933 Million. The nature of specific financial irregularities can be classified into two categories. Revenue for the quarter was 20 percent lower than the 27 billion rupees reported, and the company’s operating margin was a fraction of what it declared, he said Wednesday in a letter to directors that was distributed by the Bombay Stock Exchange.

Satyam has been under close scrutiny in recent months, after an October report that the company had been banned from World Bank contracts for installing spy software on some World Bank computers. 166 Million (net debit) (comprising of Rs. Total fictitious interest income aggregating Rs. The transactions were recorded using the financial systems in a manner that allowed camouflaging the irregularity. The difference amounting to Rs.

5 Million of gross credits) during the period from April 1, 2008 to December 31, 2008 which remain unidentified primarily due to lack of substantive documents.

1,970 Million was fictitiously recorded as withholding tax on such interest income. Analysts question the motives of Satyam’s top executives as they hold stakes in Maytas Infra and in Maytas Properties. So, Raju very aggressively started purchasing the nearby properties of the proposed metro track with an opinion that when the metro line construction will be complete then the rates of that place will increase to many times, and then he started planning that he will introduce the profit which will be earned by the real estate to Satyam and then he will deliberately show the fake financial figures like sales profit etc.


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