Corporate Fraud
The Rest Of The Iceberg
"As the Satyam fraud unravels, the state Congress' role is increasingly under a dark cloud". Outlook's correspondents SUGATA SRINIVASARAJU, VENUGOPAL PILLAI dig into the Satyam-Maytas scam/affair(s) and ask several questions worth pondering and further digging into...
Indian capitalism has always had a criminal side
The Satyam scandal has been wrongly called 'India's Enron', after the gigantic fraud at the US energy-trading company, which came to light in 2001 and became a metaphor for corporate crime.In fact, the Satyam scam is much bigger in absolute magnitude and likely impact. The amount stolen from Enron was Rs 2,866 crores (Rs 28.66 billion) at current exchange rates. In the Satyam case, according to its promoter-chairman B Ramalingam Raju, Rs 7,136 crores (Rs 71.36 billion) were involved. Also greater are the number of defaulting agencies and their failures,writes Praful Bidwai.
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