Computer Services Scandal And The Media Scandal

1244 Words Oct 4th, 2016 5 Pages
One day while enjoying Sunday morning, I have been reading a newspaper mean while my focus

goes on a major news about Mr.Ramalinga Raju sent to jail and fine imposed 7 Crore on him

then I was curious to know about the famous Satyam scam also known as Computer

Services scandal, and "India's Enron"(Enron was a US based company which was inflicted with

a similar accounting fraud)the news grab by attraction I was eagerly starts reading that news and

I was completely shocked after reading the news, because the news contains about biggest

accounting frauds since ever. In the news it has been shown Mr. Ramalinga raju(master mind

after all this fraud) ,the news unfold like that Ramalinga Raju — the then chairman and also the

founder of Satyam Computer Services — wrote a letter to the company’s board, wherein he

admitted of fudging the accounts of the firm to the tune of over Rs 7,800 crore,this was a major

frauds in India ever happen. there was a reason why this scandal got the name “Satyam”

Ironically, Satyam means “truth” in Sanskrit, but Raju’s admission of guilt has given the

company, the name "Asatyam"!The fraud shows how disastrously investors can lose money by

simply misstating the figures in the Balance Sheet.

Ramalinga Raju was Graduate from Harvard university of London, he is also a charted

accountant by profession, everyone believes raju as company never tries to check his affairs,

everyone knows that raju has love of purchasing…

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