Satyam scam: Corporate India’s biggest fraud

Ramalinga Raju’s letter of admission came as a shocker to corporate India on Wednesday morning. Outgoing CEO of the IT major admitted fraud to the tune of Rs 40 billion and said that the balance sheets had been inflated for years. He admitted that Maytas deal was the last ditch effort to get value for the fictitious assets. The development is expected to have wide ranging impact and has sent ripples across Bombay Stock Exchange. The accounts of Satyam are expected to be sealed as the day progresses….Latest Headlines
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Satyam chief admits fraud; quits