Satyam fraud began 6 years ago: ICAI

Posted By: Staff
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Mumbai, Apr 7: The Institute of Chartered Accountants of India (ICAI) which is probing the Satyam fraud has said that the scam began six years ago as an 'adjustment' of Rs 10 crore. ICAI's revelation came after questioning Satyam's former CFO Srinivas Vadlamani and the auditors S Gopalakrishnan and Talluri Srinivas from Pricewaterhouse, Bangalore which audited Satayam's accounts.

The small adjustment, later grew into one of the biggest corporate scams the country has ever seen. Srinivas has also revealed to ICAI that the scam was 'masterminded' by the founder Ramalinga Raju and his brother B Rama Raju.

"The CFO told us the scam started 5-6 years ago with a small adjustment of Rs 10 crore, which they then inflated to Rs 200 crore. This continued quarter after quarter and year after year and by the second quarter of 2008 had attained unmanageable proportions," ICAI President Uttam Prakash Agarwal told reporters on Monday, Apr 6.

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