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Satyam, India's No. 4 software services exporter, has been battling for survival since Raju resigned as chairman earlier this month, revealing profits had been falsified for years and that $1 billion of cash on the books did not exist.
Investigators looking into the fraud have found a maze of about 300 companies related to Raju that were used to siphon as much as $1 billion in cash from Satyam, the report said, citing a senior official involved in the inquiry.
The article said the picture emerging from the investigation of Satyam is very different from the one painted by Raju in a letter to Satyam's board earlier this month.
In the letter, Raju said about $1 billion of Satyam's cash was "non-existent" and that he had falsified its profits for years to avoid losing control of the company.
Raju said neither he nor his brother, B. Rama Raju, who co-founded Satyam, "took even one rupee/dollar from the company."
The New York Times report, citing the person involved with the investigation, said the entire $1 billion Raju said was faked might have actually been earned by the company but then skimmed from it.
A spokesman for Satyam declined to comment on the report.
The report said Raju's lawyer did not return calls seeking comment.
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Whithout waiting further, polygraphic
Sir, India has become a place for criminals, because some of the politicians are like Babubhai Katara, some are petrol pump chors, some are cash-for-quarry chor, some are oil for food chors, some are chicken curry chors, some are coffingate chors, some are Bihar flood scam chors, some are Babri Masjid chors, some are Church burning chors, some are Hindu apartheid chors, some are islamo facist chors, some are kidney chors, some are rapist chors, some are pick pocketers, some are beimaan, som are thugs, some are dacoits chors, some are computer chors, some are it chors, all in all hum sabh chor hain, even the guy who writes our complaints are believed to be chors.
IT IS STRONGLY FELT THAT SUCH MIND BOGGLING FRAUD ISA NOT POSSIBLE WITHOUT INVOLVEMENT OF OTHER EXECUTIVES, BANK OFFICIALS, OFFICIALS OF REGULATORY AUTHORITIES, AUDITORS ETC.
$1 Billion embezzlement of funds can never be done by Raju without the help of AUDITORS, BANK-OFFICIALS, SUPPORTING FAMILY MEMBERS AND POLTICIANS. RAJU's confess is well calculated.