Satyam is a case of fraud, says Chidambaram

shailesh agarwal (professional accountant) (7642 Points)

22 January 2009

Satyam is a case of fraud, says Chidambaram

^{Published: Wed, 21 Jan 2009 at 23:49 IST}

Samay

"Satyam is a case of fraud, not a case of collapse," Home Minister P Chidambaram said.

The former Finance Minister was responding to a question at the NDTV Indian of the Year Awards Ceremony here on Satyam.

Chidambaram said "no Indian bank or NBFC has collapsed. No major bank has folded up".

He said if it is the worst year for the world, it is a bad year for India.

Even in 2008-09, he said, India will have a growth rate of seven per cent.

Chidambaram said in 2009 public sector banks will recruit 60,000 people.

"Frauds happen all over the world. It is sad that the fraud (in case of Stayam) was not detected by the management, by the board, or by the chartered accountants or regulators," he said dubbing it as a case of systemic failure and a matter of concern.

He also suggested that the system should be strengthened to detect such frauds.