Finance & EconomicsConfirmed
Satyam Computer Services fraud (Jan 2009)
On 7 January 2009, Satyam Computer Services chairman B. Ramalinga Raju sent a letter to the board confessing to a $1.5 billion accounting fraud sustained for more than six years. Cash balances had been fabricated, 13,000 ghost employees carried on payroll, and 7,561 fake invoices raised. Auditors S Gopalakrishnan and Srinivas Talluri of PwC India (Lovelock & Lewes) were convicted in 2015. Raju and nine others were convicted on 9 April 2015 by the Special CBI Court (Saket) and sentenced to seven years with ₹50 million fines. Tech Mahindra acquired Satyam on 13 April 2009 for $351 million. Known as 'India's Enron.'
8 sources5% confidencebeing upgraded