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Thread: Satyam's fraud

  1. #1
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    Satyam's fraud

    When Enron did a similar fraud, the CEO, CFO were punished pretty quickly and also the auditing organization got the right treatment. I am wondering wat happened to Mr.Raju and company?

  2. #2
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    Re: Satyam's fraud

    Raju and his brother are having a nice time in jail. However the Government should have taken strict action against PWC and E&Y. E&Y highly overvalued Maytas Properties and PwC approved all the fraud accounts. In India we forget an issue very fast and no one talks about this case nowadays. The lack of prompt and severe action will encourage such frauds and companies will keep manipulating their books.

  3. #3
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    Re: Satyam's fraud

    The same kind of fraud had occured in US a few years ago. Enron had some financial artists who painted a very beautiful picture of a fraud company. But the US government was fast to act. Not only the auditing company (Aurther Anderson) no longer exists but also the CEO and CFO were punished promptly.

    Raju and his brother are in jail but there should be other people involved who have escaped.

  4. #4
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    Re: Satyam's fraud

    The problem in India is that we do not punish the culprits and this encourages people to act with impunity. After the Enron case in US, Arthur Andersen was punished heavily and no longer exists now. But in India, there is no action against PWC:
    http://economictimes.indiatimes.com/Sat ... 196608.cms

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    India is really a heaven for fraudsters. These culprits enjoy a luxurious lives evn in jails by bribing jail staff and Politicians. It is always the common man who has to bear the consequences.

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    Indian equity have more chances of growing gradualy by the anouncement of vibrant gujrat summit. The Investore get more attracted towards the buiisness opportunity.

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