What is satyam scam?

The Satyam Computer Services scandal, also known as the Satyam scam or the Satyam fraud, was a corporate scandal that occurred in India in 2009. The company, which was one of the largest information technology services providers in the country at the time, was found to have falsified its financial records in order to inflate its profits and assets.

The scam was uncovered when the company's founder and chairman, Ramalinga Raju, admitted in a letter to the board of directors that he had inflated the company's revenue and profits for several years. He also admitted to creating false cash balances in the company's accounts.

The scandal caused a major uproar in the Indian corporate world, and led to the resignation of Raju and the entire board of directors. The company was also forced to restate its financial statements for several years, and was eventually taken over by Tech Mahindra.

The Satyam scandal had a significant impact on the Indian stock market and economy, as well as on the company's customers, employees, and shareholders. Many investors lost a significant amount of money as a result of the scandal, and it also led to stricter regulations and oversight of Indian companies.