Network 18 exclusive: Satyam CFO's explosive confession

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Source: ibnlive

Satyam 's former CFO Vadlamani Srinivas who was arrested on Saturday night by the CID has made some startling confessions. In his confession letter - to which Network 18 has exclusive access - Srinivas has made some shocking revelations.

Confession report of Vadlamani Srinivas:

Bank deposits were handled directly by Chairman and Managing Director, I was specifically asked not to look into this.

One week before the meeting, I used to be presented with balance sheets, profit and loss accounts two days prior to the board meeting.

I used to have discussion with auditors, PricewaterhouseCoopers, and the auditors never pointed out any discrepancies.

I was suspecting something is wrong when payments were delayed, then I asked the Chairman and MD for taking payments from fixed deposit, but they told me not to take it from fixed deposits and manage it with operational cash. It was continuously occurring for the last 5-6 years.

According to me, fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management.

Srinivas was arrested by CID on Saturday night after a couple of hours of interrogation at the CID office located in the state police headquarters in Hyderabad.