The fine combing of the seized files has started to reveal some shocking truths about the Satyam scam. According to sources close to the investigation, a major portion of the Rs. 7000 crore, up to Rs. 5000 crores, have been diverted from the Company in a shockingly short time span of 3 months. A combination of dipping real estate values, coupled with a freefall in the valuation of the stock seems to have compelled Ramalinga Raju to dip hands into Satyam's huge cash reserve. The cash among other things might have been used to buy land, bribe officials, not to mention bag contracts for the infrastructure arm - Maytas. The direction of the investigation is now proceeding more towards the direction of a personal fraud as opposed to an institutional or organizational fraud. Meanwhile the stakeholders of Satyam are now waiting nervously for the outcome of the 1st of the 2-days board meeting that concluded today. It is widely expected that the CEO, CFO appointments will be discussed in this 2-day meeting of the board.
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