The Serious Fraud Investigation Office (SFIO) reports says,
The IT company's offshore exports were inflated by over Rs 4500 crore over a period of seven years. Further, foreign currency of Rs 1,940 crore from exports over six years was not remitted to
SFIO has found that the exports have been inflated to the tune of over Rs 4,500 crore over the last seven years by Satyam. If you look at the exports vis-à-vis the Softex data that is available, the figure would stand at around Rs 4,550 crore. But if you look at it vis-à-vis the export advises then the figure would be more by another Rs 400 crore and would stand at around Rs 4,900 crore.
They have also come to a conclusion that a part of currency, which has been generated from these exports, has not been remitted to
SFIO has also come to the conclusion like we had stated earlier that all this has been made possible because of a very weak invoice management system as well as weak accounting practices, which the company was following.
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