Ghotala.in

3rd Satyam officer charged with fraud / scandal

Satyam founder B. Ramalinga Raju is shown Saturday being sent to prison in Hyderabad.

NEW DELHI - Indian police yesterday arrested Vadlamani Srinivas, the chief financial officer of outsourcing company Satyam Computer Services, the third executive to be charged in a fraud case involving nonexistent assets. The arrest came as authorities tried to contain the $1 billion scandal by dissolving the company’s board and announcing plans to name 10 replacements. (AP)

The arrest of Vadlamani Srinivas came as authorities tried to contain the $1 billion accounting scandal by dissolving the company’s board, including the interim head, and announcing plans to name 10 replacements.

Srinivas, the third-ranking executive at Satyam, was arrested and charged with the same offenses Saturday night, the police official said.

Satyam, India’s fourth-largest software-services provider, serves almost 700 companies, including 185 Fortune 500 companies, and generates more than half its revenues from the United States. It employs some 53,000 people and operates in 65 countries.

Corporate Affairs Minister Prem Chand Gupta dismissed Satyam’s board late Friday and, in an official statement, condemned “the greed and misdeeds of a few persons who were at the helm of affairs of the company.”

Sources / courtesy : CNN  / Boston Globe  & Image credit