SATYAM : There is no Money like Vadla(money)

My Conspiracy Theory on Satyam:

The start-up money for the company was borrowed by the promoters from some unscrupulous and ruthless people. These could be politicians or people from the Underworld. This money could also have come at a later stage.

Company traverses many milestones. Becomes one of the top 5 IT majors.

More dirty money is pumped in to the company.

Maytas is born

Unbelievable acreage of land is purchased. The land is either bought for Maytas to further its own dirty ambitions like altering the metro-path and bringing it closer to the lands it has purchased or on behalf of the source of dirty money.

All is well with PwC having no reason to believe that there is anything wrong as the figures tally well.

Most of the earnings of Satyam are siphoned-off to fuel the growing demand for land and to average land prices in an incremental way. This is compounded by inflating the number of employees and removal of funds via the salaries (for non-existent employees) way !!!

Land prices crash. Maytas (The Sons) runs to (Daddy) Satyam to bail it out as the source is demanding better return on investment. The lenders are a ruthless lot and Raju’s own family members (who own Maytas) are in harm’s way if they don’t pay up.

Satyam uses huge amounts of cash, which was in the current account for this purpose alone, to bail Maytas out of the clutches of money-lenders. The proposal to buy Maytas for a staggering 6000 odd crores is tabled in the board meeting. Only one director feebly raises the doubt that purchasing an infrastructure company may dilute the front-runner status of the company as an IT service provider. Other than that, not a whimper from the board members (including independent directors)!!! The, so far well looked-after, top management (including the independent directors) gets a chance to prove its loyalty and returns a favor by either keeping mum and/or by conniving with Raju to take the quarter to the next level.

By now PwC is aware of the deliberate changes made in the balance sheet but decides to keep mum and endorses the end-quarter results and statements submitted to it by Satyam CFO.

Merryl Lynch comes along as a consultant to find a suitor and finds that the bride needs an emergency heart transplant!!! Vadla(money), where is the money?

Now the first question is, Whose interests are you trying to protect, Mr. Raju? The interests of some Politicians or the interests of those from the underworld? Only these two can compel a man with a very small holding in the company confess to such a huge fraud even if he has committed them. And only these two kinds of people can make a PwC put on stakes its already tarnished reputation (remember Global Trust Bank and Ramesh Gelli) and look the other way when the figures are fudged. Now even the confession looks suspect.
The second question is how on earth is it possible or a company to run on 3% operating margin (this 3% figure came up post confession)? I run a small restaurant with 35 staff which has about 20% op. margin but I still find it difficult to run the business smoothly. Then how could you take care of a 53000 strong company?
The third question is before such a big fraud came to light, why didn’t Raju resign as the chairman and run away to a safe haven like Dubai or to a country with which India has no extradition treaty?
I think the reasons could be:
A. That the very people who put him behind bars (politicians) have assured him a safe haven in India itself. They have assured him that people will forget about the whole episode eventually (and they are not wrong) and all will return to normalcy. This way they save their own skins and that of the Rajus. Therefore the ‘conscientious’ dialogue ‘I am ready to face the law of the land’. This part of the theory is strengthened by the fact that just 24 hours after Raju was kept in prison in the company of 'petty thieves' (as the media described it), the AP police suddenly 'realized' that Raju's life is in danger so that he can be shifted to a more 'comfortable' cell without drawing any flak from the public or the media.
or
B. He knows that no matter where he goes, his sources (the underworld) are going to hunt him down and eliminate him and/or his family.

Now tell me readers, where are the chinks in my armour?

Let the truth triumph(for once).

Satyam eva Jayate!