Specific figures that reflect the magnitude of the swindle at Satyam Computer Services Ltd are coming to light.Online GST Certification Course by TaxGuru & MSME- Click here to Join
The books of the software services firm were inflated to the tune of Rs27,167 crore between the fiscal year ended 31 March 2001 and September last year, mainly by inflating cash and bank balances, showing fictitious fixed deposits, non-existent interest on them and understating liabilities and overstating debtors, said officials at the Serious Fraud Investigation Office, an arm of the ministry of corporate affairs.
This massive manipulation of accounts was done through a vulnerable invoice management system and a weak accounting system, the officials said, on condition of anonymity. They added that the company had inflated its exports by over Rs4,500 crore in past seven years.
A part of the foreign currency generated from exports in the past six years has also not been remitted into the country, and Rs1,940 crore generated from these exports have not come back to India either, they said.