01-19-2009, 11:12 PM
This is from different reports on Satyam and Maytas
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Satyam, India's No. 4 software services exporter, has been battling for survival since Raju resigned as chairman earlier this month, revealing profits had been<b> falsified for years and that $1 billion of cash on the books did not exist</b>.
Investigators looking into the <b>fraud have found a maze of about 300 companies related to Raju that were used to siphon as much as $1 billion in cash from Satyam,</b> the report said, citing a senior official involved in the inquiry.
In the letter, Raju said about $1 billion of Satyam's cash was "non-existent" and that he had falsified its profits for years to avoid losing control of the company.
<b>The New York Times report</b>, citing the person involved with the investigation, said <b>the entire $1 billion Raju said was faked might have actually been earned by the company but then skimmed from it</b>.<!--QuoteEnd--><!--QuoteEEnd-->
YSR Reddy's Sakashi Newspaper and Elections funds to Congress Party are direct beneficiary.
Maytas had received lot of Indian Government direct construction contracts all over India. To gets these contracts, they were greasing IAS officers and politicans.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Satyam, India's No. 4 software services exporter, has been battling for survival since Raju resigned as chairman earlier this month, revealing profits had been<b> falsified for years and that $1 billion of cash on the books did not exist</b>.
Investigators looking into the <b>fraud have found a maze of about 300 companies related to Raju that were used to siphon as much as $1 billion in cash from Satyam,</b> the report said, citing a senior official involved in the inquiry.
In the letter, Raju said about $1 billion of Satyam's cash was "non-existent" and that he had falsified its profits for years to avoid losing control of the company.
<b>The New York Times report</b>, citing the person involved with the investigation, said <b>the entire $1 billion Raju said was faked might have actually been earned by the company but then skimmed from it</b>.<!--QuoteEnd--><!--QuoteEEnd-->
YSR Reddy's Sakashi Newspaper and Elections funds to Congress Party are direct beneficiary.
Maytas had received lot of Indian Government direct construction contracts all over India. To gets these contracts, they were greasing IAS officers and politicans.