seema has just posted in the Career forum of Wiki Newforum under the title of 15 Biggest technology scandals of 2009.
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Image: http://infotech.indiatimes.com/photo/5296129.cms
In December 2008, Satyam CEO B Ramalinga Raju shocked the Indian IT world by admitting to have fudged the company's account. The revelation of what was the country's biggest corporate fraud left the company's employees and investors in a lurch.
After months of enquiry, CBI recently filed a supplementary charge sheet against Raju and nine others, pegging the Satyam fraud at Rs 14,000 crore instead of the Rs 7800 crore that Raju had owned up to in January this year.
The additional chargesheet, however, fails to nail Raju and aides on siphoning of funds from Satyam Computer, instead saying that the investigating agency was planning to file a separate chargesheet on the allegations of funds diversion and income-tax frauds within the next few days.
The 200-page chargesheet filed in the CBI court, charged the accused of forging board resolutions and unauthorisedly obtaining loans worth Rs 1220 crore from banks as well as inflating Satyam revenues to the tune of Rs 430 crore by creating fake customers and generating fake invoices.
The chargesheet also identifies 1065 properties with a documented value of Rs 350 crore that were acquired by the Rajus with the spoils of the fraud. These include 6,000 acres of land, 40,000 sq yd of housing plots and 90,000 sq ft of built-up property.
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