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Chargesheet against Raju
January, 08th 2010

Exactly a year after Satyams disgraced founder B Ramalinga Raju came out with his confessional email admitting to the Rs 7,800-cr accounting fraud, the CBI on Thursday filed a second chargesheet against him and other accused in the case at the 14th Additional Chief Metropolitan Magistrate Court.

The latest charges were framed against them under Sections 120-B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467 and 468 (forgery for the purpose of cheating), 471 ( use of forged documents as genuine) and 477-A (falsification of accounts) of the Indian Penal Code.

The 30-page chargesheet cites 32 documents and 26 witnesses. The entire documentation consists of 3,552 pages. Earlier, the CBI had filed the first chargesheet on April 7, 2009 and a supplementary chargesheet on November 24, 2009.

In the second chargesheet, the CBI submitted evidence to prove that the accused had filed false income tax returns with the intention of cheating shareholders and thereby, cause wrongful loss to M/s Satyam Computer Services Ltd (SCSL).

As per the chargesheet, the accused had inflated revenues of the company by creating false and fictitious sales invoices and showed the same as received and deposited in various scheduled banks.

Due to the inflated revenue and income in the form of interest on non-existent fixed deposits, an additional tax liability to the tune of Rs 526.37 crore was created on the company. Then by taking recourse to the provisions of Section 90 and 91 of the Income Tax Act., the accused in furtherance of the conspiracy showed higher tax remittances in foreign countries to get tax relief in India.

This, they achieved by showing income under nonexistent revenue as part of the income of the overseas branches of M/s SCSL while filing income tax returns in India.

Similarly, while filing income tax returns in foreign countries, the non-existent income towards interest on non-existent fixed deposits was not included in the income declared to the tax authorities in those countries and no additional tax was paid.

In doing so, the higher tax remittances to the tune of Rs 329.58 crore were shown as if paid in overseas tax remittances while filing returns in India.

Through this modus operandi, the accused could not completely set off the additional tax liability created on the company and therefore, in furtherance of the conspiracy, they dishonestly made tax payments by way of self-assessment tax and in some cases, not making lawful claim for refund of TDS.

The accused also squandered the money in violation of the trust bestowed on them by the shareholders of the company in order to conceal inflated income figures.

By this process, they caused an estimated loss of Rs 126.57 crore to the company.

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