Raju ban giya Gabber Singh
To hide one lie , one has to tell too many lies. That is what happen to Satyam Computer a Hyderabad based IT company, 4th largest IT company of India. The gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several YEARS.
Raju , a Chairman and founder of Hyderabad based Sataym computer did such a big fraud, that local investor hit badly, widespread impact on the investors sentiments and brand India. When it happen in US with Enron , we never thought it can occur in India too.
Satyam news become Front page news for all News papers and channels.
“What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years,” Raju further said.
“It has attained unmanageable proportions as the size of the company operations grew significantly… The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations thereby significantly increasing the costs,” he said.
Now what left behind is that cheated thousand of investors and bad name for Indian Entrepreneurs in world.
You might heard famous dialog of Sholey “Ma khetee hai soja beta , nahi to Gabber singh aa jiyga”. Investor of India will remember Raju as “Gabber Singh” of Indian financial world.
“Don’t invest in small , new entrepreneur , or startup company , Nahi to Raju …… “
Impact of this fraud so inner that some of my friends planning to pulling there saving from Private bank and putting in Government Bank like SBI , PNB.
After breakfast , while going to office …. Ma come and and hugged me, pat my back…… and said thing will fine. It came as surpise to me because she don’t any thing about my savings …..probably she read my silence, after all she is mother 