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**JonatonM** · 01-28-2009, 03:04 AM

did you read this NYT blog about more info coming out of the Satyam fraud?

In India, Clues Unfold to a Fraud’s Framework - DealBook Blog - NYTimes.com

a snippet:

How did B. Ramalinga Raju, the chairman of one of India’s largest information technology companies, carry out the biggest financial fraud in this country’s history? Apparently it does take a village.

And although the billion-dollar fraud at Satyam has been called India’s Enron, an examination of the company’s accounting suggests the scandal may more closely resemble the fraud cases at HealthSouth and Peregrine Software, The New York Times Jeremy Kahn reports.

A little over two weeks ago, Mr. Raju confessed to padding the company’s balance sheet by $1 billion in cash. But investigators now suspect he was less forthcoming than it first appeared.

The Times, citing a person involved in the case, reported that investigators think at least some of Satyam’s cash reserves were genuine but were siphoned off to a web of companies controlled by Mr. Raju and his family.

01-28-2009, 03:04 AM	#1
JonatonM Join Date Oct 2005 Posts 435 Senior Member	did you read this NYT blog about more info coming out of the Satyam fraud? In India, Clues Unfold to a Fraud’s Framework - DealBook Blog - NYTimes.com a snippet: How did B. Ramalinga Raju, the chairman of one of India’s largest information technology companies, carry out the biggest financial fraud in this country’s history? Apparently it does take a village. And although the billion-dollar fraud at Satyam has been called India’s Enron, an examination of the company’s accounting suggests the scandal may more closely resemble the fraud cases at HealthSouth and Peregrine Software, The New York Times Jeremy Kahn reports. A little over two weeks ago, Mr. Raju confessed to padding the company’s balance sheet by $1 billion in cash. But investigators now suspect he was less forthcoming than it first appeared. The Times, citing a person involved in the case, reported that investigators think at least some of Satyam’s cash reserves were genuine but were siphoned off to a web of companies controlled by Mr. Raju and his family.
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