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INDIA BUSINESS WORLD - 16th March To 31st March - 2009
SATYAM'S FOREIGN DEALS FACE SCRUTINY
INDIAN investigating agencies may ask foreign clients of Satyam Computer Services to give details of their transactions with the tainted IT firm to find out if the arrested founder of the company 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, an official involved in the investigation, who did not wish to be named, said.
Investigators suspect Satyam may have doctored figures showing foreign exchange receipts. Detectives will go through all suspected invoices raised against the foreign clients to confirm their veracity, the official said. Satyam has a long list of international clients, including 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 Foreign Exchange Management Act (Fema) to collect intelligence inputs relating to any Fema violation and may conduct searches on suspected persons or places.
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