Satyam fraud not one man show: KPMG

9 Jan 2009, 0932 hrs IST, PTI

NEW DELHI: KPMG, which audits the accounts of IT majors like Infosys and Wipro, on Friday doubted the veracity of the confessional letter written by B Ramalinga Raju, the founder-chairman of Satyam Computer, saying the financial bungling cannot be done only by the head of the Hyderabad-based firm.

"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG Chief Operating Officer Richard Rekhy said here on the sidelines of a CII function.

It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.

"It requires a whole battery of people to advance those accounting entries and credit those because you have to involve other people as well like bankers to get those certificates," he said.

When asked whether Raju might have siphoned off funds and he is now admitting to lesser crime, he said it is quite possible but it could be known only after investigation of group companies.

Rekhy said investigation of Satyam companies should be done in such a way it should not hamper the business of IT major. He emphasised the need of an oversight agency for auditors.