Asian Window

Jeremy Kahn in IHT:

New Delhi: How did B. Ramalinga Raju, the chairman of one of India’s largest information technology companies, carry out the biggest financial fraud in this country’s history? Apparently it does take a village.

And although the billion-dollar fraud at Satyam has been called this country’s Enron, an examination of the company’s accounting suggests the scandal may more closely resemble the fraud cases at HealthSouth and Peregrine Software.

A little over two weeks ago, Raju confessed to padding the company’s balance sheet by $1 billion in cash. But investigators now suspect he was less forthcoming than it first appeared.

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