Case Summary
Founder Ramalinga Raju confessed to falsifying accounts and inflating revenues and profits for years, shaking confidence in Indian IT and corporate governance.
Year
2009
Fraud Amount
โน7,000 Crore
Category
Corporate
Sources
2 linked
Ramalinga Raju admitted in a letter to Satyam's board that the company had overstated cash balances, revenues and profits for several years.
The scandal wiped out shareholder wealth, destabilised a flagship IT company and became known as India's Enron.
It led to tighter scrutiny of auditors, listed-company disclosures and financial governance across Indian capital markets.
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