Its probe into the accounting fraud in Satyam Computer's has given Central Bureau of Investigations enough reason to believe that the scam involves a much bigger amount, close to Rs 10,000 crore, than what was disclosed by the IT company’s founder B Ramalinga Raju, who is now awaiting trial.
Sources said the agency has retrieved over 7,000 fake invoices and forged documents showing fixed deposits and bank balances and their evaluation shows that the size of the scam is over Rs 9,600 crore, much more than the Rs 7,800 crore disclosed by Raju.
They said the investigating agency during the probe found that the accused relied heavily on technology to generate nearly 7,000 fake invoices to the tune of Rs 4,500 crore and fed the same into Satyam’s books.
These inflated figures were also reflected in the balance sheet in the form of audit reports which helped the company to cheat the public who were purchasing its shares.
The accused have also given false and fabricated statements, found by CBI, about high capital of the company.
The accused forged documents and created fake fixed deposit receipts to the tune of Rs 3,300 crore.
The accused forged documents and created fake fixed deposit receipts to the tune of Rs 3,300 crore.
Source: The Times of India, 23/03/09
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