By IANS,
New Delhi : The Rs.70 billion (Rs.7,000 crore) accounting fraud at Satyam computer Services was not a corporate scam but a “governmental scandal”, senior Bharatiya Janata Party (BJP) leader L.K. Advani said.
“That all is not well with our corporate sector has been brought home with dramatic effect by the Satyam-Maytas scandal. But this is not simply a coporate scandal. It is also a governmental scandal,” Advani said while speaking at the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).
“It is impossible for such a huge fraud, involving allotment of lucrative land and plum infrastructure contracts without the involvment of those in power in Andhra Pradesh.”
“There must be a judicial enquiry into the matter,” he said.
B. Ramalinga Raju, founder-chairman of the fourth largest IT firm in India, on Jan 7 shocked the nation as he admitted to the Rs.70-billion accounting irregularities in the firm over the years. The Maytas group includes companies promoted by his sons.
Ramalinga Raju, his brother B. Rama Raju, the company’s former chief financial officer Vadlmani Srinivas and two former employees of the auditing firm Price Waterhouse are now in jail as investigations are under way.