Satyams 13000 ghost employees
Subsequent to my earlier post on the Satyam episode it has been established that Satyam had only 40000 employees and around 13000 employees were fake generating around Rs. 20 crore per month for Mr. Ramalinga Raju! The question is how were these ghost employees created. The banks follow or are supposed to follow strict KYC norms (Know Your Customer)before opening a bank account. You will understand what I mean if you have ever tried opening a new bank account. The bank requires your Income Tax PAN, your photographs, identity proof as well as residence proof for opening a new account. If 13000 fake employees have been created and the salary was being paid by cheque to these bank accounts implies that a very well thought out fraud was taking place. This fraud would require a lot of agencies being hand in glove to make it successful. The investigators would first need to see whether all the Income Tax PAN numbers created were genuine, if so - whether 13000 different photos, addresses were...