Has Satyam Raju skimmed $1 billion?
B Ramalinga Raju, the founder and former chairman of Satyam Computer Services may have skimmed more than $1 billion of cash from the company, rather than fudging its books to show non-existent profits.
Investigators looking into the fraud have found a maze of about 300 companies related to Raju that were used to siphon off huge amounts of cash from Satyam.
Satyam, India’s No. 4 software services exporter, has been battling for survival since Raju resigned as chairman earlier this month. Raju in his confession claimed that he had falsified the books to show more profit than actually accrued.
Investigators say that it may take months to investigate all the 300 plus companies floated by Raju to find the truth about Satyam. They are also investigating the source of funds for Maytas Infra and Maytas Properties which have bagged works worth around Rs 38,000 Crore.