Satyam scam total: More than Rs 14000 crore swindled

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The total chargesheet is 55 thousand pages, weighing more than three tones. The CBI also added another 301 members as witnesses in addition to the 431 it had called earlier. The number of accused in the case is ten.

CJ: V GOPALA KRISHNA..

Wed, Nov 25, 2009 17:41:51 IST

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Satyam Computers News :

THE CENTRAL Bureau of Investigation (CBI) on Tuesday, November 24, finally got an assessment of the accounting fraud of the Satyam Computers, saying that it more than Rs 14,000 crores. The amount was initially estimated as Rs 7,800 as per the information given by the tainted Chairman B Ramalinga Raju.

The CBI has submitted a supplementary chargesheet of two hundred pages in the Nampally (Hyderabad) court on Tuesday. The total chargesheet consists of 55 thousand pages, weighing more than three tones. The CBI also added another 301 members as witnesses in addition to the 431 it had reported earlier. A few days back, the CBI had arrested then internal audit head Prabhakar Gupta, raising the number of total accused to ten.

The Rs 14,000 crores figure was reached after counting the losses suffered by both institutionalised investors and individual investors. The DIG of police Lakshminarayana said that Ramalinga Raju and other promoters also took loans to the tune of Rs 1,220 crores by bogus, forged board resolutions in addition to the earlier loan he took in the name of 37 firms floated by him and his family members. He also revealed that Ramalinga Raju had created fake customers and inflated revenues by fake invoices to the tune of Rs 430 crores.

The probing agency has also identified properties worth Rs 350 crores, including six thousand acres of land and 40,000 square feet of housing plots.

With this chargesheet, the probe has come to an end. It had required a multi disciplinary team to complete this probe, with the team including income tax, enforcement directorate and Reserve bank of India officials.

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Posted comments (1)

	Let's give one more last chance to Mr. Madhu Koda - yes, he is deep neck into problems - however, if he is sincerein getting rid of poverty from the State of Jharkhand and declaring Jharkhand State as number one State in thecountry to have gotten rid of beggars, he deserves to be pardoned. Whatever money he has accummulated and stashedin various accounts throughout the world are brought to India and utilised in uplifting the poor of the poorestin the State of Jharkhand Mr. koda deserves support. The situation of Mr. Koda is similar to that of Mr. HarshadMehta who had free acess to any cash vault of any Bank in India and he also pleaded innocence once got caught andwas booked in over 100 cases - ultimately, what happened - the case went one one after the another and soon hehad to commit suicide without a single pie coming back properly into the mainstream. A similar situation shouldbe avoided in Mr. Koda's case and he should be helped to the extent possible in bringing back every pie that hasgone away back into the mainstream mainly into the Social welfare schemes of making Jharkhand State a beggar freeState. Let's hope this message gets across properly.
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