Is Auditing Scam In Jagan Reddy’s Firm The Next Satyam?

[katharnak]

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In what is being called another [url="http://www.firstpost.com/topic/organization/satyam-computer-services-limited-profile-28404.html"]Satyam[/url]-like scam, auditing firm Deloitte reportedly admitted to fudging accounts of the Kadapa MP Jagan Reddy-owned media house Jagathi Publications.[/size][/font]
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Value of Jagathi Publications was allegedly overstated by Rs 1,000 crore at Rs 3,500 crore.[/size][/font]
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The company reportedly told a Hyderabad court it had pumped up the value of Jagathi by one Rs 1,000 crore from Rs 2,500 to Rs 3,500 crore in April 2008.[/size][/font]
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[url="http://www.firstpost.com/wp-content/uploads/2011/11/JAGANMOHAN-REDDY12.jpg"][img]http://www.firstpost.com/wp-content/uploads/2011/11/JAGANMOHAN-REDDY12.jpg[/img][/url][size=3]
Jagan and Vijay Sai Reddy are being probed by CBI in disproportionate assets case. Reuters[/size]
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Deloitte added that it had been been pressurised by the company to inflate the value.[/size][/font]
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Jagathi auditor Vijay Sai Reddy has dismissed the allegations, saying it’s a campaign to malign Jagan’s image.[/size][/font]
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Jagan and Vijay Sai Reddy are being probed by CBI in disproportionate assets case.[/size][/font]
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Jagathi had told Deloitte that the figures were just for internal purposes but later made the report public to prospective investors. Deloitte said it was a private deal with Jagathi, hence there was no need to report to regulators.[/size][/font]
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In 2008, PricewaterhouseCoopers had cooked the account books of [url="http://www.firstpost.com/topic/organization/satyam-computer-services-limited-profile-28404.html"]Satyam[/url] Computer Services in an estimated fraud of Rs 14,000 crore. Jagan Reddy’s firm shows similar signs.[/size][/font]


[url="http://www.youtube.com/watch?v=PKZZ6mwJ2fs"]http://www.youtube.com/watch?v=PKZZ6mwJ2fs[/url]