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Second Set of Charges Against Satyam Runs 55,000 Pages

It says the accused created fake customers and fake invoices to them, forged board resolutions inflating the company’s revenues

Government News on Ulitzer

India's Central Bureau of Investigation (CBI), which is sorta like the FBI, has filed a second batch of charges against the 10 people indicted in the Satyam accounting scandal and the charge sheet reportedly runs to 55,000 pages.

It also threw the company's global head of internal audits VS Prabhakar Gupta in jail the other day to await trial along with the others.

It says the accused created fake customers and fake invoices to them, forged board resolutions inflating the company's revenues by $92 million.

In January Satyam's founder Ramalinga Raju admitted to overstating the company's earnings and creating a bogus cash balance of ~$1 billion.

Raju and Gupta also allegedly siphoned money into offshore tax havens and back to India as the proceeds from investments in hundreds of fake companies.

The CBI also arrested the head investigator R Vasudevan, acting chairman of India's Company Law Board (CLB), who's been accused of taking bribes to throw the decision in the case. He was reportedly caught red-handed along with the guy doing the bribing.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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