What Was the Role of Mr Vadlamani Srinivas ?, Ex-Cfo of Satyam Computer Services in the Accounting Scam

Only available on StudyMode
  • Topic: Finance, Byrraju Ramalinga Raju, Fraud
  • Pages : 2 (504 words )
  • Download(s) : 305
  • Published : April 17, 2013
Open Document
Text Preview
Mr V. Srinivas wilfully manipulated financial data and guided the staff in modifying the published results, which were false and forged.

He revealed that the FDs were non-existent, results manipulated and he just signed on instructions from Mr B. Ramalinga Raju, ex-Chairman, in the Rs 7,136-crore financial fraud?

Being at the centre of all financial dealings of Satyam, Mr V. Srinivas wilfully and actively manipulated financial data and guided the finance department staff in modifying the published results, which were false and forged. Mr Srinivas got the monthly bank statements of various banks forged, he got issued forged bank balance confirmation letters and got the forged letters signed by Mr B. Rama Raju (Ex-Managing Director), and brother of Mr Ramalinga Raju, showing purported transfer of funds and got forged FDs prepared. All these forged documents were used for fraudulently inflating the cash and bank balance artificially in the books of accounts for several years. Though Mr Srinivas was never designated as Director, he subscribed his signature in the annual financial statements of the company as a Director, the investigating agency has charged. The ex-CFO dishonestly got the falsified, inflated sales invoices generated and fed in the Oracle Financials System. He was in league with the other accused persons and perpetrated the fraudulent acts. Further, Mr Srinivas guided the finance department personnel on the quantum of inflation of sales to be infused into the computer system from time to time.

Rosy presentations
Mr Srinivas along with Mr Ramalinga Raju gave deceptive replies on Satyam’s earnings during conference calls conducted every quarter to various investors, thus distorting the actual financial position. During board meetings and the audit committee meetings, the ex-CFO made rosy presentations of the company’s financial health, despite knowing the real financial position. Similarly, by conniving with the Raju brothers, he worked...
tracking img