What Is The Satyam Scam About?
What Is The Satyam Scam About?
What Is The Satyam Scam About?
Anatomy of a fraud
1. Maintaining records
Raju
The cash so raised was used to purchase several thousands of acres of land across Andhra Pradesh to ride a
booming realty market.
It presented a growing problem as facts had to be doctored to keep showing healthy profits for Satyam that
was growing in size and scale.
Every attempt made to eliminate the gap failed.
As Raju put it, "it was like riding a tiger, not knowing how to get off without being eaten."
Cashing out by selling Maytas Infrastructure and Maytas Properties to Satyam for an estimated Rs 7,800
crore was the last straw. The attempt failed and Raju made the stunning confessions three weeks later.