Fraud of the order of Rs.7,000 Crore by Ramalinga Raju of Satyam Computer Services came to light today, devastating the client’s and investor’s confidence in the IT sector in general, and of course Satyam in particular. The books were manipulated and the company almost raising its hands expressing utter hopelessness.
Government of India and the market regulator, SEBI should immediately intervene to sustain the domestic and foreign client’s confidence so that the face of Indian IT sector is not tarnished beyond repair. The government should immediately appoint a non-Satyam CEO, and investigate the fraud committed on the gullible investors by the Company in collusion with the auditors, bankers and the Board members for so long. The suspects in the fraud should be put behind the bars for a while so that they do not run away. The jobs of the employees should be protected.
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