Satyam’s bank statements go missing?

Saturday, January 10, 2009 at 8:01 am

The bank statements of Satyam Computers – that hold clues to the massive fraud perpetrated by its chief, may have been spirited away, Times Of India reported today (Jauary 10).

The newspaper reportd that the Hyderabad office of Registrar of Companies (ROC), who raided the offices yesterday, did not find the statements at any of the three Satyam offices in and around the city.

It is suspected, the report said that the files vanished as they would have given away the fraud, rendering Raju and his accomplices liable for immediate penal action. Companies have to keep bank statements for the current and preceding years at registered offices.

The ROC is likely to recommend a comprehensive investigation by the Serious Fraud Investigation Office (SFIO), which may be accepted as early as next week. There is already enough evidence to make a foolproof case for an SFIO probe, sources in the corporate affairs ministry told TOI.

Also read: ‘Not surprised over Satyam fraud’

As the investigation against Satyam gathers momentum, the Institute of Chartered Accountants of India has initiated disciplinary proceedings against the company’s auditor, PriceWaterhouse.

Sources told TOI that the SFIO team would be multi-disciplinary, drawn from Sebi, RBI, CBI, police, customs, revenue intelligence, besides forensic and banking experts.

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Satyam’s bank statements go missing?

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