Raju fudged FDs; siphoned 20 crore every month

Posted By: Staff
Subscribe to Oneindia News

New Delhi, Jan 22: Satyam fudged FDs and diverted Rs 20 crore every month on fictitious employee names. Moreover, the company has 43,000 employees and not 50,000 as mentioned earlier. Under the pretext of paying salary to the employees, he has siphoned off money every month, said the public prosecutor.

Mumbai Mirror on Thursday, Jan 22 reported that Satyam's former CFO, Srinivas Vadlamani has confessed to the Andhra Pradesh CID that 10,000 artificial employees were created. Though Srinivas claimed that the fake jobs were created from 2004 onwards, CID officials are looking into Satyam"s history right till 2001.

Hundreds of acres of land has been brought under benami account and the HDFC bank accounts were also found forged. Ramalinga Raju 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.

To prevent the erstwhile top brass in Satyam from making gains by siphoning of public funds, the Company Law Board (CLB) on Wednesday restrained Satyam's founder B Ramalinga Raju, his brother B. Rama Raju, former CEO Rammohan Rao Mynampati, CFO Srinivas Vadlamani and company secretary G J Jayaraman from selling or mortgaging their assets without the court's permission.

The court has also ordered them to provide all details of their bank accounts, movable and immovable properties by Feb 20.

There is absolutely no liquid cash in Satyam. The bank has pledged its receivables to acquire funds.

Karnik, one of Satyam's new government-appointed board members, said Satyam had received notice from two large customers that they were terminating their contracts.

OneIndia News (With inputs from Agencies)

Please Wait while comments are loading...