The Central Bureau of Investigation has filed a charge sheet in court stating that the fraud was designed and orchestrated by Ramalinga Raju, Rama Raju and Vadlamani Srinivas between 2001 and 2008 with the aim to lure innocent investors into buying the shares of Satyam Computer by publishing inflated balance sheets. Here is the role of each individual accused as stated by CBI:
Ramalinga Raju: He ordered monthly statements of banks forged, issue of forged bank balance confirmation letters and generation of forged fixed deposit receipts of various banks. The forged FDRs were destroyed when the fraud came to light. Along with his brothers, he floated 327 companies in the guise of carrying out agriculture and other allied activities.
Rama Raju: He sold the shares of his family members in Satyam in the stock market and received Rs. 715 crore when the company was not doing well financially. He received a gift of Rs. 27 crore from his family members in the process. He signed on letters asking banks to renew non-existent FDRs. He declared high dividends though the company made low profits.
Vadlamani Srinivas: Made presentations to the board and audit committee giving a rosy picture of the company though he knew it was not so. He infused inflated sales invoices into the accounting system to attract customers and investors. S. Gopalakrishnan: As a statutory auditor, he accepted the forged bank confirmations provided by the company, certified the same and incorporated in the final accounts. Though 135 control deficiencies were identified in the integrated audit, he did not share this information with the audit committee.
Talluri Srinivas: As Gopalakrishnan’s partner in Price Waterhouse, he allowed the deficiencies to continue. He consciously overlooked the accounting irregularities by the company since 2007.
B. Suryanarayana Raju: He appointed several trusted employees as directors of 327 companies to facilitate fraudulent acts. The end benefit to the accused was reaped by offloading and pledging shares through these companies whose affairs were completely managed by him.
G. Ramakrishna: He was in-charge of sections where the actual fraud was committed continuously for seven to eight years.
D. Venkatapati Raju: He received cheques with a total value of Rs 1,425 crore and deposited the same in the accounts of the company but failed to reflect the same in account books.
Ch. Srisailam: He created 7,561 false sales invoices. He provided invoice numbers, names of customers and amounts to help generate false invoices.
