Satyam chief confesses to cooking the books By Joe Leahy in Mumbai Published: January 7 2009 08:03 Last updated: January 7 2009 08:03 The chairman of India’s Satyam Computer Services B Ramalinga Raju Wednesday confessed to fixing the company’s books for the past “several” years in the country’s first major fraud case to emerge following the global financial crisis. In a letter to Satyam’s board, Mr Raju resigned after admitting to wildly inflating the company’s margins to paint a picture of good performance and retain his management position in one of the worst scams to have hit India’s outsourcing sector. “It was like riding a tiger, not knowing when to get off without being eaten,” Mr Raju said, explaining how the fraud got out of control over a period of years. India’s fourth biggest information technology outsourcing firm by revenue with listings in New York and Mumbai, the scam at Satyam has rocked the country’s business world. India generally gets high marks for corporate govern...
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