Did Raju lie about Satyam accounting fraud to hide another crime?

News on the web that disgraced former Satyam chairman may have lied about the $1bn accounting fraud to cover the fact that he siphoned the money into two other firms.

A report by the Economic Times in India said B. Ramalinga Raju has confessed to the police that he diverted funds of the IT company to the two real estate firms promoted by his family.

This would change things a little. It would mean the money on the accounts was actually there and that Satyam is as strong as it said it was.

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