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Confession of Raju : Why & How to Satyam

By Abhishek on 12:49 PM

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According to some report which aired on news and also on media, Satyam founder and ex-cheif Mr. B Ramalinga Raju had confessed in front of Andhra Pradesh police during custodial interrogation by  CBCID Hyderabad.

According to sources, he admitted that he was doing this fraud from last seven years., Raju confessed to manipulating the balance sheet for the past seven years eyeing more business, however, he denied bribing anybody in the process.


Raju was grilled for several hours and is said to have been co-operating with the police, replying most of the questions, police sources said.

  • Because of the present global financial situation, disparity shown in the balance sheet became difficult to cover up .

  • Things have gone out of control. Since I have been instrumental in starting the company, I wish it to be a leading company and could not bear the thought of it coming down. That is the reason I have money to save the situation.

  • Since about seven years, we wanted to show more income in the account to avoid others from involving in company affairs and any other possible hostile takeover situation, and hence, manipulated the balance sheet to attract more business and show unavailable amount as available cash in hand.

  • This process continued for the last seven years and margin amount shown got increased much more year after year.

This News is taken from IBNLIVE and from Economics Times , and beleived to be reliable.



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