CBI unearths additional fraud of Rs4739cr in Satyam

Hyderabad, Nov.24

The Central Bureau of Investigation (CBI) has stumbled upon more evidence that could push the size of the fraud at Satyam Computer Services to Rs 11,875 crore from the initially estimated Rs 7,136 crore.

Submitting the supplementary charge-sheet in the financial fraud case, the CBI has claimed an additional fraud of Rs 4,739 crore.

Apart from this, Satyam investors might have lost Rs 14,000 crore during the crisis period.

Talking to reporters later in the Court premises here, Mr V. V. Lakshmi Narayana, CBI Deputy Inspector-General, said evidence showed that the accused raised Rs 1,931 crore by pledging shares and had pocketed Rs 748 crore by offloading shares.

"The accused had forged the resolutions of the board and secured loans and advances to the tune of Rs 1,220 crore," he said.

The 200-page supplementary chargesheet contained 1,549 additional documents, 301 additional witnesses and nine 'material objects'. With this, the entire documentation in the case so far runs into 55,000 pages.

The CBI also alleged that the accused garnered Rs 230 crore in the form of dividends on the highly inflated profits. "Besides, they had created fake customers and generated fake invoices against these customers to inflate revenues to the tune of Rs 430 crore," Mr Lakshmi Narayana added.

In connection with the acquisition of shares of Nipuna Services Ltd, the BPO arm of Satyam, the CBI charged the accused with falsification of accounts to the tune of Rs 180 crore.