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Raju inflated employee nos by nearly 12,000: CID

Hyderabad: Andhra Pradesh police's Criminal Investigation Department on Thursday informed the court that Satyam's founder Ramalinga Raju had inflated employee numbers by at least 12,000, by which he drew Rs 20 crore a month towards staff cost. Raju told CID officials that there were only 40,000 employees   ....Read more

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18 Comments |
roguesBy: cannot mention | Monday , 23 Feb '09 16:10:41 PM Reply | Forward I hate all people. Why authorities are restricted only to few members for investigating. Why these people are not concerned of other matters. I think those people with name or nicknames Raju are not at all good. everyone are sinners.
Corporate FraudsBy: Atma Gandhi | Friday , 23 Jan '09 7:36:58 AM Reply | Forward Long ago Gentlemen ceased to be in Business. one can be a Gentleman or Businessman.
Obselete LawsBy: ivan | Friday , 23 Jan '09 5:54:41 AM Reply | Forward Please do not say anything against you will waste your time. I assure you heaps or say rather all parties politicians have received good gifts from this so called billionaire of India. How come India has more than 1000 billion in Swiss Bank???
Inflating Staff strengthBy: Dr.K.K.Ammannaya | Friday , 23 Jan '09 5:31:21 AM Reply | Forward Raju has taken innovation to another extreme by adding about 12000 ficticious names to his total complement of staff.Infuture auditors may have to ask all corporate chiefs to parade the staff before them to facilitate counting for audit purpose.If creative accounting is carried to such an extent then how to believe any company.There may be similar types of dirty things in other IT companies also.IT companies have the IT tools that can be employed to manufacture things that are non-existent likeFDs.
Big Shameful blot on the nation!By: SD | Friday , 23 Jan '09 4:04:46 AM Reply | Forward What I do not get is how much does a man really need to live luxuriously? These are all super duper rich people and look at what they have become in front of money. There are more than one person in this scam and surely some politicians being in cahoots with this guy is not entirely ruled out. These are the people that represent India to the world. Shame on them all. This is a perfect case to set an example of and make sure nothing like this ever happens again. I hope he does not go scotfree and all the others that have helped him.
ghost employeesBy: abcd | Thursday , 22 Jan '09 20:58:11 PM Reply | Forward GHOST EMPLOYEES NUMBERING 12000 IS QUITE AMAZING--------SALARY SHOWN FOR THESE 12000 EMPLOYEES PER MONTH WILL BE 120 CRORES IN ONE YEAR IT WILL BE 14400 CRORES--IN 10 YEARS IT WILL BE 144000 CRORES-----THIS MONEY IS BLACK MONEY----------ghost employees is one method of generating black money.
APBy: Mala | Thursday , 22 Jan '09 20:29:07 PM Reply | Forward Raju is from AP, why are we surprised he used faked nos.?
From Andhra PradeshBy: Tara | Friday , 23 Jan '09 6:42:43 AM Reply | Forward ALmost all guys from Andhra Pradesh are fake.
Why??By: Senthil | Thursday , 22 Jan '09 23:08:54 PM Reply | Forward I would suggest people to stop generalizing. I am not from that state, but this is too big an allegation. Which state are you from? I possibly can't say that people from your state generalize everything. On the story as such, this gets uglier every other day and big mole on the regulatory bodies and their checks.. What have you guys been doing? But Raju has redefined corporate crime.. Hopefully we don't have to uncover something worse somewhere else.
Raju Inflated Employee Nos.By: sanjay | Thursday , 22 Jan '09 19:52:41 PM Reply | Forward Amazing figures.These criminals should not be tried in the court but in the court of the people who suffered losses.No words to express feelings against these anti Indians,Namak Haram's.These people should be stoned to death if the findings are true.
viewsBy: amit pandey | Thursday , 22 Jan '09 19:37:54 PM Reply | Forward manipulated balance sheet now manupulated emp.no,ban by world bank.Mr.raju seems to do every fraud one can imagine in the corporate world.i hope he is the only one who has done these henious crime.every business is dependent on trust and when you start exploiting the beliefe of the people every company will be under suspicion which is not a good sign for any industry.i agree that business and ethics doesnt go together but but you cant build your business totaly on un ethical ways.
Comment-2By: Tejasvi | Thursday , 22 Jan '09 19:35:43 PM Reply | Forward It is one thing trying to save the company by different menas another thing siphoning out fund and this is also a serious crime as it is done with intent and full knowledge .It is a serious white collared crime.
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