NEW DELHI: Indian investigating agencies may ask foreign clients of Satyam Computer Services to give details of their transactions to find out if the arrested founder of the scam-hit software exporter had forged invoices.

The government’s specialised agency, the Serious Fraud Investigation Office (SFIO), has asked the Enforcement Directorate (ED) to get in touch with Satyam’s international clients, said an official involved in the investigation, who did not wish to be named.

Investigators suspect Satyam may have doctored figures showing foreign exchange receipts. Detectives will go through every suspect individual invoice raised against the foreign clients to confirm their veracity, said the official. Satyam has a long list of international clients, which includes big names such as General Electric, ArcelorMittal, Nestle and Qantas Airways.

SFIO suspects forged invoices may have been used by the erstwhile management of Satyam to show lower foreign exchange receipts than what was originally received by them.

ED, an agency of the finance ministry, is empowered under the provisions of the Foreign Exchange Management Act (Fema). The agency is empowered to collect intelligence inputs relating to any Fema violation and may conduct searches on suspected persons or places.

source: Economictimes

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• Rel Infra under ED scanner for Fema violation
• Three more arrests in Satyam case
• SEBI orders probe into Satyam market operations
• RoC report hints at insider trading in Satyam
• Satyam inside-out story being sold for $499!