Ajay.Joglekar
25th January 2009, 03:18 PM
It seems some blogger from US actually thinks that what the indian govt has done in the Satyam's case is a lesson for the US govt. (http://www.nakedcapitalism.com/2009/01/guest-post-lessons-from-india.html) to take.
In the same post there is an anonymous comment which says the following which seems to be an eye opener for whoever does not know this. This i feel is the real Satyam scam. Quoted from Yves's blog:
"
Anonymous said...
Yves,
This post is misleading on the actual facts behind the arrest.
I hail from India and the home city of Satyam.
Satyam's CEO was not arrested for three days even after his open email declaring the scandal.
The state govt arrested Ramalingam Raju only after the SEBI's investigation team arrived in Hyderabad to question him and investigate the scam. To keep Raju out of the hands of SEBI, the state govt arrested him and until now, SEBI had three hearing in the court to seek permission to question Raju.
The actual scandal behind Satyam's scandal is the 12Billion USD real estate / infrastructure scam that was executed with the involvement of the state govt. There is another firm Nagarjuna Group worth 3-4 Billion USD involved in this scam. The CEO of Nagarjuna group, another Raju surrendered to the state govt days before Satyam's Raju. The state govt awarded all the real estate and infrastrucutre projects to these two firms worth 12Billion USD taking massive kick backs and siphooing off the money through Maurituis. Most of the firms and politicians in India use Mauritius to steal billions of USD of citizens and investors.
over 80% of the 12Billionb USD projects awarded to these two firms in the last 5yrs are still in documentation stage and they are incompetent to even deliver these high end projects.
The major difference between India and east asia or middle east is that all are corrupt places but unlike India, there is real work achieved with the corruption. In India, there is no practical implementation but keeping projects on only paper and make billions out of it.
Both Raju's were given thousands of acres of land at throw away prices. A 300 prime real estate plot which is worth over a million USD acre was given for 20,000 USD per acre as compensation for the work they are doing for the state.
Ramalingam Raju has over 60 companies floated with various family members as the holders. One such firm which is fully family owned has over 6800 acres of land. Most of it awarded by the state and bought from the money he stole from Satyam's accounts.
This is a major cover up excercise being exectued by the state govt with the belssings of the central government.
The real investigation should involve the state awarded projects, Nagarjuna Group, Maytas infrastructure and Maytas properties owned by Raju's sons. It should also involve the money siphooned off to Mauritius based banks.
Indian political system is very lawless and you see people getting jailed only when the state govt needs to cover up.
"
-Ajay Joglekar
In the same post there is an anonymous comment which says the following which seems to be an eye opener for whoever does not know this. This i feel is the real Satyam scam. Quoted from Yves's blog:
"
Anonymous said...
Yves,
This post is misleading on the actual facts behind the arrest.
I hail from India and the home city of Satyam.
Satyam's CEO was not arrested for three days even after his open email declaring the scandal.
The state govt arrested Ramalingam Raju only after the SEBI's investigation team arrived in Hyderabad to question him and investigate the scam. To keep Raju out of the hands of SEBI, the state govt arrested him and until now, SEBI had three hearing in the court to seek permission to question Raju.
The actual scandal behind Satyam's scandal is the 12Billion USD real estate / infrastructure scam that was executed with the involvement of the state govt. There is another firm Nagarjuna Group worth 3-4 Billion USD involved in this scam. The CEO of Nagarjuna group, another Raju surrendered to the state govt days before Satyam's Raju. The state govt awarded all the real estate and infrastrucutre projects to these two firms worth 12Billion USD taking massive kick backs and siphooing off the money through Maurituis. Most of the firms and politicians in India use Mauritius to steal billions of USD of citizens and investors.
over 80% of the 12Billionb USD projects awarded to these two firms in the last 5yrs are still in documentation stage and they are incompetent to even deliver these high end projects.
The major difference between India and east asia or middle east is that all are corrupt places but unlike India, there is real work achieved with the corruption. In India, there is no practical implementation but keeping projects on only paper and make billions out of it.
Both Raju's were given thousands of acres of land at throw away prices. A 300 prime real estate plot which is worth over a million USD acre was given for 20,000 USD per acre as compensation for the work they are doing for the state.
Ramalingam Raju has over 60 companies floated with various family members as the holders. One such firm which is fully family owned has over 6800 acres of land. Most of it awarded by the state and bought from the money he stole from Satyam's accounts.
This is a major cover up excercise being exectued by the state govt with the belssings of the central government.
The real investigation should involve the state awarded projects, Nagarjuna Group, Maytas infrastructure and Maytas properties owned by Raju's sons. It should also involve the money siphooned off to Mauritius based banks.
Indian political system is very lawless and you see people getting jailed only when the state govt needs to cover up.
"
-Ajay Joglekar