In his Letter Ramalinga Raju mentions the logic behind the deal. Today he forwarded his resignation claiming sole responsibility for the irregularities in the Account Books.
That the 4th Largest Software firm in the country having 53000 employees and 185 Fortune 500 firms in their clientele , should fold up in such a manner. Thats alarming. Leave aside the comparisons with Enron & Ken Lay. $1Billion was fictitious , how could it happen. There just might be some other skeletons in the closet.
Mr Mohandas Pai has come out with a strong statement on punishment of Fraudsters. Its likely that even the other leading Sw entities will come under a thorough scanner. In such a situation even minor incongruities may get blown up.
It would be interesting to know how the whole thing was managed.Getting into the bare facts and triggers may take some time. Might take some time.A fraud of such magnitude could not have happened without active connivance from the auditors. Already PwC is feeling the heat.
Heads are set to role.
Some die hard supporters of Ramalinga Raju have launched a website in his support.
From a Billionaire to Fraudster. It seems ironic. Obviously one cannot easily slight a man who has almost single handedly built a Billiondollar empire. But, this man from Bhimavaram has lost so much that he might never be able to rebuild something which he would most cherish - his reputation.