Officers of the Serious Frauds Investigation Office investigating Satyam’s scam found seized fixed deposit documents and other instruments from Satyam’s offices to be fake.
Officers also took in possession around Rs 3,300 crore of such papers, including fixed deposits of over Rs 2,000 crore.
According to analysts if the information provided by the officers is correct then bankers and auditors can get off the hook.
The investigating officer told that letters from banks such as ICICI, Citi, Bank of Baroda, BNP Paribas and HDFC do not even have stamps.
Most banks reported that they had never issued deposit certificates to Satyam. Earlier, Satyam’s chief financial officer Srinivas Vadlamani had informed CID officials that B. Ramalinga Raju. Vadlamani handled bank deposits and had specifically been told not to look into them.
On the other hand investigators speculated why analysts and auditors were not able to spot any malpractice.
Even banks failed to find out who among them held Satyam’s deposits.
The investigating officials pointed out that they will have to look for others from Satyam’s who have been involved in forging bank letters, if these were to be sure fake.
The officials remarked, “Forgery could not have been done alone or without anyone’s knowledge in the company ... there must have been a team working on this.”
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