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Eleven months after B. Ramalinga Raju, the former chairman of Hyderabad-based Satyam Computer Services, confessed to masterminding a $1.2 billion fraud at Indias fourth largest I.T. outsourcing company, the dirt is still tumbling out. On Nov. 24, the country's Central Bureau of Investigation (CBI) released findings that show the alleged fraudulent accounting and embezzlement was far larger than originally thought. Raju and nine accomplices skimmed some $2.5 billion from the company, according to CBI investigators, funneling the money into a collection of assets and property that could make even a profligate Bollywood star blush...

Author: /time Magazine | Title: Satyam Computer Fraud Grows to $2.5 Billion | 11/27/2009 | See Source »

...That's far less than the $7 billion stock-market valuation Satyam, India's fourth-largest I.T. company, once enjoyed before the scandal. In January, Satyam founder and chairman B. Ramalinga Raju confessed that accounts at had been fudged for years and that assets and profits to the tune of $1.6 billion did not exist. The government subsequently stepped in, appointing a board of directors to try to stabilize Satyam until a buyer could be found...

Author: /time Magazine | Title: India's Satyam Computer Finds a Buyer | 4/13/2009 | See Source »

...about India's standards of corporate governance, the manner in which the Rajus managed to forestall questioning by SEBI raises questions about the government's earnestness to bring the guilty to justice. SEBI's lawyer told the Supreme Court earlier this week that the regulatory body issued summons to Ramalinga Raju to appear before it in Hyderabad on Jan. 9, two days after Raju publicly confessed to falsifying the company's profits. But that same day, Raju surrendered to state police and once he was in custody, SEBI investigators couldn't touch him without a court order. (Rama Raju...

Author: /time Magazine | Title: India Market Officials Probe Satyam Fraud | 2/5/2009 | See Source »

...Following a Feb. 3 Supreme Court ruling, officials from SEBI now have access to jailed Satyam founder and chairman Ramalinga Raju, his brother Rama Raju, and former chief financial officer Srinivas Vadlamani. Although the men are in police custody and face criminal charges, SEBI, the country's stock market regulator, is the only Indian body with the expertise to investigate allegations that Satyam officials used Byzantine accounting chicanery involving illegal transfers of money between hundreds of shell companies, possible insider trading, money laundering, and other acts to inflate the company's profits and defraud shareholders...

Author: /time Magazine | Title: India Market Officials Probe Satyam Fraud | 2/5/2009 | See Source »

...extent of the fraud is still unfolding. Investigators currently suspect that Satyam's founder and chairman, B. Ramalinga Raju, skimmed as much as $1 billion from the company. Raju, who has been arrested, admitted that he falsified Satyam's books and that profits were fictitious for several years. The company's true financial condition will not be known until new auditors KPMG and Deloitte are able to review accounts, which is expected to take four to six months. Even the exact number of Satyam employees is said to be inflated. Although Satyam claims to have 53,000 people...

Author: /time Magazine | Title: India Tries to Save Jobs After Satyam Scandal | 1/20/2009 | See Source »

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