Indian Investigators say Satyam Fraud 40% Larger

India's Central Bureau of Investigation says Satyam Computer Service' accounting fraud is 40% larger than what the India software company's former chairman claims, reports The South China Morning Post.

 

Lakshmi Narayana, a deputy inspector-general at the agency says that investigators uncovered 28.09 billion rupees (HK$4.68 billion) of additional fraud at Satyam--in addition to the 71.36 billion rupees former chairman Ramalinga Raju said in January.

 

According to the SCMP, the federal agency on Tuesday filed additional charges, including faking invoices and falsifying accounts, against Raju and nine defendants as the bureau concludes its nine-month investigation in India's largest corporate fraud probe.
 

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