Times Online April 24, 2009 Rhys Blakely in Mumbai

Two PricewaterhouseCoopers auditors were aware that accounts of Satyam, the IT outsourcer at the centre of India’s biggest corporate fraud, were being misstated but signed them off in return for an “exorbitant audit fee”, Indian investigators have alleged.

The Central Bureau of Investigation (CBI), which looks into India’s most serious and complex crimes, has filed documents in a court in Hyderabad that outline what it alleges are the outlines of a scandal that has become known as “India’s Enron”.


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NewsFactor.com: Vast Fraud at Satyam Eight Years in the Making

The fraud at the Indian outsourcing company Satyam Computer Services played out over at least eight years and involved dual accounting books, more than 7,000 forged invoices, dozens of fake bank statements, thousands of unnecessary employees and auditors who received fees several times the market rate, according to a charge sheet filed by India’s top investigation agency.