Raju denies fudging employee figures
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Raju denies fudging employee figures

Wednesday, 28 January 2009, 04:29 Hrs   |    6 Comments
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Hyderabad: Founder and former chairman of Satyam Computer Services B. Ramalinga Raju has denied that he fudged number of employees in the company or diverted its funds.

Raju, who is in jail along with other accused after admitting to a 70-billion (7,000-crore) fraud, denied the charges in a statement issued on his behalf by his lawyer S. Bharat Kumar.

"My client re-affirms that there is no truth behind fudging of employee numbers for diversion of funds. Clarification to this effect has already been provided by Satyam's new board," he said.

The prosecution last week told the court that Raju was showing a figure of 53,000 employees, while only 40,000 existed on the rolls of the company. The prosecutor also informed the court that Raju was drawing 200 million (20 crore) every month from the accounts of non-existing employees.

Raju also denied allegations of funds being diverted through Mauritius bank accounts and termed them "unfounded".

"My client has already stated in his disclosure that not even one rupee or dollar has been diverted from the company for personal gains," the lawyer said.
Source: IANS
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Reader's comments(6)
1: hi
i belive that mr raju has committed a number of fudging and that he is either fogotton or confused. it is up to the agencies to find the truth and rectify things early.
Posted by:thykkoottathil ravindran - 29 Jan, 2009
2: He needs Polygraphic test.
Posted by:Ashok Kumar Aggarwal - 28 Jan, 2009
Posted by:P.R.MALLESWARA RAO - 28 Jan, 2009
4: Why are things moving so slow? First bull shit of virtual employees has been proven wrong by the new board. No bank has come forward complaining of any sort of financial goof up or over draft withdrawal by Raju. Only Raju's own coffession is there but it is also doubtful. Why don't court/law take raju for Lie detector test / Narco Analyses Test immediately and try to find out the truth immediately.
Further when institutions like larsen & toubro who are eager to make an offer, why don't the borad invite open offer evaluate the contenders and hand over Satyam to a professional bidder. It is totally wrong to appoint advisors like Boston when the company itself needs funds to pay to the poor employees. As a citizen I request the present board to act fast, take a decision in the interest of the Employees of Satyam hand over to professional group like L&T. And then parallel let them do all the investigations.Management under the leadership of Mr.A.M.Naik can lead the organization to its glory.
Posted by:c.r.nanda - 28 Jan, 2009
5: When you look at a person with enviable muscle power and stamina, sweating it out with hard labour in the sun next time, remember that he has made a choice to be a law-abiding citizen. The right thinking people call it as a value. It is shocking to see someone weighing 7 or 10 years prison term as an investment and calculating the return on that investment as Rs 7000 crores ! Looks like the Indian jail is a safe place compared to jails in the USA. Raju's have chosen a lesser risk.
Posted by:Sharma - 27 Jan, 2009
6: Raju has become the 'no' king from the 'yes' king.. first he confessed in public and after moving inside the bars he is denying everything.. is that what guts mean that his supporters were speaking about?
Posted by:shonoy - 27 Jan, 2009