NO EVIDENCE OF DISGRACED RAMALINGA RAJU HAVING FUDGED NUMBER OF EMPLOYEESSatyam Com-puter Services had produced fake invoices to show that it had got more than Rs 5,000 crore from sale proceeds in New York, the Central Bureau of Investigation has found out.
The CBI team is also now probing whether the money was rerouted from the the United States when Satyam bought some foreign companies.
“Though Satyam didn’t have such high volume of business, it produced fictitious invoices to prove that it earned revenue,” said an investigating official. “The management claimed that they have put Rs 3,000 crore in fixed deposits which don’t exist.” He added that Satyam bought several companies in US and other countries and the CBI was focusing on nine of them prominently. “There is suspicion that the companies were bought at higher price and the remaining money may be rerouted back into the country,” he said.
The team is also probing into the Bahamas Island and South Africa links of Satyam fraud case apart from Mauritius fund diversion angle.
According to Mr Raju, the loans were taken from November 2006 to October 2008 by pledging the shares and Rs 194 crore was repaid to the companies.
However, police found in the investigations that the frontal companies were owned by the relatives of Mr Raju. However, the CBI has so far found no evidence regarding the allegation that the company exaggerated the number of employees.
The CBI team is also now probing whether the money was rerouted from the the United States when Satyam bought some foreign companies.
“Though Satyam didn’t have such high volume of business, it produced fictitious invoices to prove that it earned revenue,” said an investigating official. “The management claimed that they have put Rs 3,000 crore in fixed deposits which don’t exist.” He added that Satyam bought several companies in US and other countries and the CBI was focusing on nine of them prominently. “There is suspicion that the companies were bought at higher price and the remaining money may be rerouted back into the country,” he said.
The team is also probing into the Bahamas Island and South Africa links of Satyam fraud case apart from Mauritius fund diversion angle.
According to Mr Raju, the loans were taken from November 2006 to October 2008 by pledging the shares and Rs 194 crore was repaid to the companies.
However, police found in the investigations that the frontal companies were owned by the relatives of Mr Raju. However, the CBI has so far found no evidence regarding the allegation that the company exaggerated the number of employees.
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