Fact check
Is it true: Satyam Computer Services fraud (Jan 2009)?
Yes — this is confirmed.
Chairman Raju's own letter to the board on 7 January 2009 confessed $1.5 billion in fabricated cash balances, 13,000 ghost employees, and 7,561 fake invoices sustained for 6+ years. CBI investigation, SEBI sanctions, and Special CBI Court convictions of ten individuals including Raju, his brother, the CFO, and two PwC India audit partners on 9 April 2015 confirm the fraud in full.
The claim
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 bee
Key evidence
Raju's confession letter to the board — 7 January 2009
SEC/PCAOB settlement was civil, with no admission of wrongdoing, and no criminal charges against PwC
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