In January 2009 the chairman of the Indian information technology company Satyam Computer Services, Ramalinga Raju, admitted that the company's accounts had been falsified for years, inflating profits and assets by well over a billion dollars. The scandal, one of the largest corporate frauds in Indian history, led to Satyam being acquired by another company and to Raju's later conviction on fraud charges.
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Satyam's chairman confessed in 2009 to years of falsified accounts inflating reported profits, a scandal often called India's Enron that reshaped Indian corporate governance and auditing rules.
Source Wikipedia, Satyam Scandal
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1. Wikipedia, Satyam Scandal
WikipediaLead section
The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified.
- Associated With: Accounting
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