Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TDS :: cpt :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: form 3cd
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Satyam scam: Agency wants Bank of Baroda probed
May, 04th 2009

The Serious Fraud Investigation Office (SFIO) investigating into the multi-thousand crore Satyam scam has found that the IT company's Bank of Baroda's (BoB) New York branch account was used to cook up its balance sheet. CNBC-TV18s Pranshu Sikka reports.

The SFIO has recommended an investigation into Bank of Barodas role in the Satyam scam. A report by the investigating agency says that the Satyam account, numbered 120559, in New York was used by the company to camouflage fictitious collections when the cash did not exist and that the account statements were falsified and so was the quarterly balance sheet with regard to this account.

"In view of this, it is suggested that a detailed investigation of the role of Bank of Baroda may be done by an appropriate investigation agency, says the SFIO report.

The modus operandi

The report says that Satyam would show the fictitious balance in the account and would later show the money being diverted and being shown as fixed deposits with other banks. The other banks named have gone on record to say that the fixed deposits do not exist.

BoBs role under cloud

While the exact link of the where and how the account-related fraud was perpetrated hasnt been established, the SFIO says prima-facie evidence suggests involvement of some of the bank officials and has recommended an enquiry on the part of the Ministry of Corporate Affairs.

Sources in the investigative office say the Satyam hunt has reached a stage where a multi-disciplinary execution is needed and expectedly, the Enforcement Directorate, the Foreign Exchange Management Act and other regulatory bodies are expected to join this investigation.

BoB responds

In its response, Bank of Baroda said it had not yet seen the SFIO report and that the probing agency had not written to the bank about any investigation against any of its officials.

Satyam, Bank of Baroda confirmed, did have a current account in its New York account but added that the bank had not observed any transactions that raised any doubts.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions