User 335775

How Did Satyam Get Away with It?

you looks like have no idea what happening to satyam. This ramalingaraju. had used the money earned by satyam (remember if satyam did not earn then its top competitors also most probably would not have earned such profits at same time) was diverted to buy huge chunks of real estate lands under the cover of another company floated by same ramalingaraju. This another company is also owned by same ramalingaraju. family and this company name is "maytas" (this name is reverse of "satyam"). This ramalingaraju had bought huge chunks of land (6500 acres) in different parts of the state and country during the real estte boom using satyam money, thinking that after selling the land immediately, he can put the profit in his own pocket and then backfill the satyam money in to its coffers. But due to the bust in real estate worldwide and in Hyderabad(satyam headquarters location), this guy could not backfill the money since no one bought the lands that maytas company held. Hence this guy coocked the books saying that I falsly bloated the earnings of satyam. At the end, this guy will get released after serving some namesake sentence in jail and then when he comes out, he will enjoy the real estate holdings of maytas company, since real estate will at one time or the other will have to rise again in future. This guys real estate holdings right now is valued at around 3 or 4 billion dollars (or rupees 15000 crores). Also, maytas company holds huge infrastructure and other projects in the state of Andhra Pradesh (this is te state for which Hyderabad is the capital and this capital is headquarters of Satyam). Search in google news for the strings satyam maytas hyderabad and you will get lot of news related to this scam.