Satyam CFO confesses to creating 10,000 fake jobs
By siliconindia   |   Saturday, 07 February 2009, 22:33 IST   |    34 Comments
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Satyam CFO confesses to creating 10,000 fake jobs
Hyderabad: After disclosing the falsification of its financial information last month, the beleaguered IT major Satyam Computer Services has now revealed that it also tried to overstate the number of employees in the company. Taking the issues to a new turn, the company's Chief Financial Officer Srinivas Vadlamani is believed to have told the CID officials that they have created around 10,000 artificial jobs, which helped the company in drawing around Rs 20 crore per month, from the related but fictitious salary accounts. CID officials are closely investigating Satyam's history till 2001, though Srinivas claimed that the fake jobs were created from 2004 onwards. A source close to the investigations said that the firm's founder B Ramalinga Raju has revealed he has diverted Satyam money to Maytas Infra and Maytas Properties and also invested in lands in Hyderabad and Visakhapatnam. As Raju was arrested soon after his confession to a massive fraud and is in police custody, SEBI says that they find it difficult to ascertain the extent of the fraud in scam-hit Satyam because it has not yet been able to interrogate Raju.

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