Satyam scam worth Rs 14,000cr
Wednesday, November 25th, 2009 at 3:53 am
Investors had lost Rs 14,000 crore in the Satyam scam which rocked the nation early this year, the CBI has said in its supplementary charge-sheet filed on Tuesday.
“It is how we look at the scam,” said the CBI DIG, Mr V.V. Lakshminarayana. “From the investors’ angle, the loss would be Rs 14,000 crore, from that of the wrongful gain by the accused it would be Rs 2,679 crore, and properties amassed would be Rs 350 crore. If we look at the balance sheet fudging, it would be Rs 5,040 crore.”
The Satyam scam was initially considered to amount to Rs 7,800 crore, going by the revelations made by its jailed former chairman, Mr B. Ramalinga Raju, earlier this year.
“The figure of Rs 14,000 crore emerged when we calculated the loss suffered by both institutionalised investors and individual investors,” said the DIG.
A 200-page charge-sheet filed by the agency in the special court for CBI cases here also stated that Mr Ramalinga Raju and other promoters unauthorisedly took a loan of Rs 1,220 crore from banks in the name of Satyam Computers by forging board resolutions.
“This is in addition to the loans worth Rs 1,230 crore which Mr Ramalinga Raju took from 37 firms floated by himself and his family members,” said Mr Lakshminarayana, a member of the multi-disciplinary investigation team which probed the scam.
He added that there would be no separate case regarding the
cheating of banks for loans and that the bankers had no role in this.
In the supplementary chargesheet, the CBI said that the accused had created fake customers and generated fake invoices to inflate revenues to the tune of Rs 430 crore.
The CBI also alleged that Mr Ramalinga Raju and others had resorted to criminal breach of trust and falsified accounts during the acquisition of Nipuna Services Limited.
Around Rs 180 crore was lost in this deal.
Further, the charge-sheet also identified 1,065 properties worth Rs 350 crore acquired by the promoters of Satyam computers with the defrauded money.
They include 6,000 acres of land, 40,000 square yards of housing plots and 90,000 square feet of built up area.(DC)
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