Satyam and Ramalinga Raju are in news today for fraud and other economic crimes. But it has happened in the past.
A former securities trader allegedly responsible for the largest-ever bank fraud found a new job, as per a report in May 2008 in the Le Point website. Frenchman Jerome Kerviel, whose unauthorised transactions cost French bank Societe Generale $8.22 billion, has been working since the beginning of April as an IT consultant for a firm near Paris. The head of the company, Jean-Raymond Lamaire, gave Mr Kerviel refuge in his home when the affair broke in January 2008 and promised to hire him as soon as he was released from prison, the Associated Press reported. Mr Kerviel is facing several charges, including forgery and breach of trust. If convicted he could be jailed for up to seven years and be fined a maximum $1.26 million. He is apparently still managing to be out of any prison.
Frank Abagnale , now a law abiding citizen who has been immortalised by Mr. Spielberg in the movie "Catch me if you can" pulled off some unbelievable capers mostly Economic in the nature of offence. He has even done assignments for the federal government in the US assisting them in catching scamsters.
My submission is that Mr. Ramalinga Raju should be sent tio jail if found guilty. Then he can give many pointers on how to improve transparency and prevent others from stating ASATYAM in their balance sheets or in their dealings with any of their stake holders. He can be a Guru on improving Corporate governance. Aftr all he fooled enough people to get an award for it last year.
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I agree, they can!! But what Raju did seems to be just plain old fraud - ghost employees, funnel money into 'sister' companies, simply lie, intimidate/cajole/incentivize others to play along, ... Raw, lowly, almost no-brain kind of fraud.
Indian companies traditionally and still carry out frauds that Raju carried out. Over invoicing, under invoicing, false sales invoices, empty carton loaded trucks coming out of duty paid godowns, false despatch documents, the list is endless. It is his destiny that caught up with Raju but privately I could share some other major "Gurus" in India who are roaming freely and even commenting perhaps on Raju's predicament. There are bigger lies, and it is a matter of shame!
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