We created 10K fake jobs: Satyam’s CFO
January 21, 2009 by Ram D news under Business News
Satyam Computer Services’ Chief Financial Officer Srinivas Vadlamani has given a new turn to ongoing investigations by confessing to having created around 10,000 artificial jobs in the company.
He told CID officials interrogating him that this helped in drawing around Rs 20 crore per month from the related but fictitious salary accounts, the Economic Times reported. Though Srinivas claimed that the fake jobs were created from 2004 onwards, CID officials are looking into Satyam’s history right till 2001.
A source close to the investigations said that even the firm’s founder B Ramalinga Raju, while being interrogated at Masab Tank, confessed to having not only diverted Satyam money to Maytas Infra and Maytas Properties, but also invested in lands in Hyderabad and Visakhapatnam.
In fact, the Company Law Board directed Raju and four others on Wednesday not to sell shares and other properties without its permission, apparently worried that they might liquidate assets.
( Post is from independent author. The opinions expressed herein are those of the author and are not endorsed by Nhatky.in)
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