Satyam Computer Services Ltd.s accounting fraud was 40 percent larger than what the Indian software companys former chairman previously said, according to the nations Central Bureau of Investigation.
Investigators found 28.09 billion rupees ($607 million) of additional fraud at Satyam, V.V. Lakshmi Narayana, a deputy inspector general at the agency, said in a telephone interview from Hyderabad today. That’s on top of the 71.36 billion rupees former Chairman B. Ramalinga Raju, 55, said in January he misrepresented by inflating company assets and understating debt.
S. Bharat Kumar, the lawyer representing Raju, said in a telephone interview today he’s “absolutely unaware” of the charges and can’t comment until he and his client receive the agency’s charge sheet. Satyam spokesman Sridhar Maturi declined to comment on the investigation.
More : bloomberg.com
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