Monthly Archives: January 2009
Satyam saga is getting murkier.I am feeling ashamed to be called a co-andhradite / an Indian. The list of frauds done by Mr.Raju seems to be endless.
Mr B. Ramalinga Raju, had ‘taken loans’ worth Rs 1,425 crore from 40 companies owned by his family or other relatives. That is not all. Most of the companies that gave loans to Mr Raju are operating from the same address and some of them do not even exist.
This was like the left hand giving a loan to right hand
Amaravathi Greenfields, Pavitravati Greenfields, Surasa Greelands,Madeswara Greenfields, Teepa Agro, Malaprabha, Netravati, Banganga Agrofarms, Koel Agrofarms, Saravati Greenlands, Ahar Greenlands, Balaghat Greenfields, Kolar Greenlands,Atryeee Agrofarms, Dhatu Agro farms, Hakra Agrofarms, and Bahudan are the benami companies run by his brother,sons and his other family members.
2. Rs 20 crore was being diverted every month in the name of employee salaries.Satyam Computers has only 40,000 employees and not 53,000. Ten thousand employees were non-existent and 3,000 belong to attrition category. 32000 salary accounts of Satyam are in ICICI Bank that handles more than 90 per cent of Satyam’s salary payments in India. HDFC has another 2000 salary accounts. Add to this, an estimated 15000 salary accounts overseas. How did these banks opened accounts is a big question?
Satyam showed over 5200 crore rupees as its salary bill in 2007-2008.
How much of that went into Raju’s own pocket ??
That is one in four employees salary was probably being diverted elsewhere.
The company didnt pay the medical insurance premium for the employees so they wont get treatment facilities.
4. Ramalinga Raju had used the name of 400 fictitious companies to buy benami lands in the city outskirts. 3,400 acres of land were purchased.These lands had been bought up in the names of Mr Ramalinga Raju’s family members, companies and other benami identities. There were 478 acres in name of Mr Akula Rajaiah and 312 acres in names of Mr Suryanarayana Raju and Mrs Narasamma (Raju’s mom)
All these came out only when he was interrogated for one hour per day, had he been interrogated for more hrs then????
We will be hearing more in the coming days.The investigating authority has just possibly opened a can of worms, the worst is yet to come.
Info courtesy: Deccan chronicle and ndtv