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Old 19th January 2009, 09:06   #376
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Investigations now point to funds being siphoned off of Satyam.

If its true it blows away Raju's claims that he did not benefit from fraud.

DNA: Money: Funds were siphoned off

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Independent of the probe, sources point out that the quantum of real estate the promoters have and their IT returns show that there was an external source funding.
Except for the Rs600 crore private equity funding by Nimesh Kampani's investment arm, there seems to be no official fund source for the Rajus to buy the properties.

Going by the declarations and confessions by Raju and his other associates, the promoters must have invested close to Rs5,000 crore on acquiring properties in various parts of the state.
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Old 19th January 2009, 10:32   #377
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If its true it blows away Raju's claims that he did not benefit from fraud.
Was there ever any doubt? Nobody does fraud unless it benefits them.
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Old 19th January 2009, 10:50   #378
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Originally Posted by spadival View Post
For a start, I think they should change the name of the company. Brand Satyam is dead and buried.
How about "TAMASYA"??

It will also be in the same lines as Maytas.
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Old 19th January 2009, 22:21   #379
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Originally Posted by BaCkSeAtDrIVeR View Post
How about "TAMASYA"??

It will also be in the same lines as Maytas.
For the benefit of those who might not be knowing - Maytas is Satyam spelt backwards
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Old 19th January 2009, 22:37   #380
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Originally Posted by NetfreakBombay View Post
Investigations now point to funds being siphoned off of Satyam.

If its true it blows away Raju's claims that he did not benefit from fraud.

DNA: Money: Funds were siphoned off
So in the end what did he achieve ? I am pretty sure he's wealthy enough (Should have had a personal net worth into some crores) So what is the need of doing all this ? Money ? Where has it got him ? Behind bars!
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Old 20th January 2009, 11:26   #381
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Couple of cops and media guys outside the PwC office in Jubilee Hills today morning.

Something is happening there.
If anyone wants to come on TV and is in that area, now is the time.
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Old 20th January 2009, 14:17   #382
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Can Satyam claim a refund of taxes? Tax refund is done for 'bonafide mistake'. If Satyam can prove inflated figures were actually bonafide mistake, they can claim refund
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Originally Posted by diabloo View Post
Satyam has paid a tax of 226 crores. Now if Satyam' profits were inflated, they have paid taxes for what they haven’t earned. So will Govt return the taxes?
All the stakeholders who were misfortuned, please vent your frustration by Hitting Ramalinga Raju (ex-Satyam Chairman) in the face with rotten eggs
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Note Satyam management didn't fail - they committed fraud and have put the rest of the stakeholders in jeopardy
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Old 20th January 2009, 23:57   #383
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Originally Posted by jessie007 View Post
For the benefit of those who might not be knowing - Maytas is Satyam spelt backwards
but share holders learned that the hard way.

funds siphoned from satyam was probably used in maytas to buy prime realstate. So basically greed in maytas cost raju the satyam.
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Old 22nd January 2009, 11:16   #384
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Talking Jingle for Mr Raju

Now, jingle for Mr Raju

To be sung to the tune of “My name is Anthony Gonsalves…” from Amar Akbar Anthony

My name is Ramalinga Razoo
main mera company ka lootera hoon
Khaate hai khaali, Balance sheets he jaali
Ab employees ki bhi waat laga daali

jisko bhi yaad aaye, mujhe milne chala aaye
jisko bhi yaad aaye, mujhe milne chala aaye

Hyderabad police chowki, jholi (sorry…kholi) number 420

ACCUSE ME PLEASE

abhi abhi jail ke andar ek company kholi hai, aji kholi hai,
haan haan kholi hai
investors ne bhi lagayi bad chad kar boli hai, haan boli hai,
haan haan boli hai
jailor bhi raazi, qaidi bhi raazi
Jab tak chalegi yeh jaalsaazi


jisko bhi yaad aaye, milke marne chala aaye
jisko bhi yaad aaye, milke marne chala aaye

Hyderabad police chowki, jholi (ssorry…kholi) number 420

ACCUSE ME PLEASE


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Old 22nd January 2009, 11:33   #385
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The rabbit hole is going deeper and deeper.

We created 10K fake jobs: Satyam?s CFO- Software-Infotech-The Economic Times
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Old 22nd January 2009, 11:53   #386
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Originally Posted by Digital Vampire View Post

From the same source, read this - "...The ex-chairman of Raju was arrested soon after his confession to a massive fraud and is in police custody – making it difficult for the SEBI team to access him..."!

Now who are they kidding?

Soon after his confession, all the enforcers were waiting for state, center, left and right and all that is in between to act first!

It is clear that he was arrested when SEBI almost got to him - all political ball game!
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Old 22nd January 2009, 11:56   #387
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Q: Why create fake jobs?
A: To draw around Rs 20 crore per month from the related but fictitious salary accounts.


Thats a nice tactic from a public listed company . Things are getting murky.

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Old 22nd January 2009, 12:48   #388
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This fake job thing is very much real. Most IT companies are faking their real head count to earn for the heads that they are not using on a project but billing the client for the same (even if they are BS 7799/ISO 27001/blablabla crap certified). Some PMs even make their on bench capacity a part of the project and bill for that resources and the client is only getting a con-job. Have ever heard of Proxy interviews? I heard it for the first time a few weeks back and was astonished and soon the astonishment went away when I came to know that it is a very common practice in Indian ITO orgs.
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Old 22nd January 2009, 13:01   #389
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Quote:
Originally Posted by given2fly View Post
This fake job thing is very much real. Most IT companies are faking their real head count to earn for the heads that they are not using on a project but billing the client for the same (even if they are BS 7799/ISO 27001/blablabla crap certified). Some PMs even make their on bench capacity a part of the project and bill for that resources and the client is only getting a con-job.
Now, If this is true then the client is really dumb. Most well structured clients have one to one interaction with their teams and critical resources on a regular basis. They know exactly what a particular resource is loaded with.

Claims like, 'Ohh, we were loaded, so we pulled a resource from the adjacent project to get this done, and now you need to bill him', do not work. Every extra hour, holiday, weekend has to go through an approval process. I almost lost 8 hours of billing as I had not informed my customer that I was going to work on a Saturday. In my case, I got the billing but after a lot of scrutiny and approval processes.

Last edited by prince_pervez : 22nd January 2009 at 13:02.
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Old 22nd January 2009, 13:19   #390
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What if you appear for an Oracle DBA interview whereas you have worked all your life on Sybase/MySQL Dev and your TL or someone else puts you on mute and tells you the answers and you relay that to client. You get selected and are underutilized whereas someone else is hauled like a mule. Now that is a very common practice and since the client is sitting in a different country and is tele-interviewing the resource, no one comes to know of the fruad.

Similarly, even if client does visit these BPOs, they do something in backend to showcase only the brightest and put them in some shift when the client won't like to visit the premises. One week of adjustment and then back to the order, and you have retained the project/process. It happens a lot my friend, not one but many small to medium and some big IT companies with shady people at the helm.

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Originally Posted by prince_pervez View Post
Now, If this is true then the client is really dumb. Most well structured clients have one to one interaction with their teams and critical resources on a regular basis. They know exactly what a particular resource is loaded with.
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