The Channel logo

News

By | John Oates 7th April 2009 17:02

Indian Feds arrest more for Satyam fraud

Blame list growing

The Central Bureau of Investigation - India's federal investigators - have arrested three of Satyam's financial staff they believe were involved in the fraud.

The beancounters are suspected of helping Satyam's founder Ramalinga Ramu forge documents to provide evidence of inflated revenues to auditors. Ramu wrote a bizarre letter to directors admitting bolstering revenues by $1.5bn.

The CBI said it had arrested Satyam's VP of finance, a senior manager of finance and an assistant manager. All three have been remanded in custody until 15 April.

The investigators said in a statement: "A lot of incriminating documents have been retrieved from these accused establishing their complicity in the crimes. Further investigation is continuing."

Reports suggest the CBI has now charged nine people in total - Ramalinga Ramu, his brother Rama Raju, four other Satyam staff, an outside adviser and two auditors from PwC.

Investigators presented thousands of pages of evidence and claim to have 432 witnesses. ®

comment icon Read 1 comment on this article alert Send corrections

Opinion

Baby looks taken aback/shocked/affronted. Photo by Shutterstock

Kat Hall

Plans for 2 million FTTP connections in next four years 'not enough'
Microsoft CEO Satya Nadella
Stranded_ships

Chris Mellor

Thousands of layoffs announced as spinning rust enters its death spiral

Features

STRASBOURG, JUNE 29, 2016: The seat of the European Parliament. by Marco Aprile for shutterstock. EDITORIAL USE ONLY
Plan b, image via Shutterstock
EU workers, new markets: post-Brexit pressure on May & Co
Tough question, pic via Shutterstock
Honest mistake with your licensing? Audit police look at it on a 'case by case basis'