And they are even trying Enron, India style!
Satyam chairman resigns amid $1bn fraud
Rhys Blakely in Mumbai
One of India's biggest-ever corporate scandals took a dramatic twist today after the chairman of Satyam, the IT services giant, resigned and admitted he had orchestrated a $1billion fraud (£669 million).
Satyam, which means "truth" in Sanskrit, said today it had discovered 50.4 billion rupees of "inflated" cash on its balance sheet at the end of September.
It added that B. Ramalinga Raju, the company's chairman, had unsuccessfully tried to sell two companies last month to Satyam in the "last attempt to fill the fictitious assets with real ones".
In a notice to India's Stock Exchange, Mr Raju, 53, said: "I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a special organisation, for the current situation." He added: "I am now prepared to subject myself to the laws of the land and face consequences thereof."
Mr Raju said the years of fraudulently inflating assets, revenues and profits margins were "like riding a tiger, not knowing how to get off without being eaten."
Continued here:
Satyam chairman resigns amid $1bn fraud - Times Online
This collapse isn't half uncovering some naughties, from New York Jews, to dodgy car dealers in Thailand and now to Indian software companies called 'Truth'.
