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Satyam Computer Services Ltd. one of the India Top IT company, is a consulting and information technology services company based in Hyderabad, India, founded by Ramalinga Raju in 1987. The company offers information technology (IT) services spanning various sectors, and is listed on the New York Stock Exchange and Euronext.
Satyam's network covers 67 countries across six continents. The company employs 53,000 IT professionals across development centers in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. It serves over 654 global companies, 185 of which are Fortune 500 corporations. Satyam has strategic technology and marketing alliances with over 50 companies. Apart from Hyderabad, it has development centers in India at Bangalore, Chennai, Pune, Mumbai, Nagpur, Delhi, Kolkata, Bhubaneswar, and Visakhapatnam.
The CID has claimed that there in only 40,000 employees instead of 53,000 which Raju Showing in the company books. The public prosecutor on Thursday said that Satyam fudged FDs and diverted Rs 20 cr every month on fictitious employee names.
CID said that hundreds of acres of land were bought on benami accounts. HDFC Bank accounts were also found forged.
It was reported in Mumbai Mirror today that Satyam's ex-Chief Financial Officer Srinivas Vadlamani has given a new turn to ongoing investigations by confessing to having created around 10,000 artificial jobs in the company.
He told CID officials interrogating him that this helped in drawing around Rs 20 crore per month from the related but fictitious salary accounts. Though Srinivas claimed that the fake jobs were created from 2004 onwards, CID officials are looking into Satyam’s history right till 2001.
A source close to the investigations said that even the firm’s founder Raju, while being interrogated at Masab Tank, confessed to having not only diverted Satyam money to Maytas Infra and Maytas Properties, but also invested in lands in Hyderabad and Visakhapatnam.
In fact, the Company Law Board directed Raju and four others on Wednesday not to sell shares and other properties without its permission, apparently worried that they might liquidate assets. For more information see here
http://informations24x7.blogspot.com/2009/01/raju-satyam-computer.html
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