The financial fraud perpetrated by the founders of Satyam ComputerServices was executed through a well-planned accounting system that used asmany as 7,561 fraudulent invoices worth Rs.5,117 crore to inflate the company'ssales, the Central Bureau of Investigation (CBI) alleged Monday.

To perpetrate the fraud, the accusedalso created an identity and code that not only bypassed all other accountingsystems, but also managed to hide the fraudulent invoices from otherdepartments, the premier investigating agency said.

"Investigations revealed that the accused have already entered 6,603 outof these false and fabricated invoices amounting to Rs.4,746 crore into theirbooks of accounts thereby inflating the revenues of the company to thistune," said the CBI in a statement.

The CBI came to the conclusion using cyber forensic techniques to unearth thealleged Rs.78-billion ($1.5-billion) scam that is alleged to have beenperpetrated by group's founder B. Ramalinga Raju and his associates.

The accused had used an emergency option of feeding invoices directly to thecompany's inventory management software, which in normal circumstances would berouted and validated through several software systems.

Simultaneously, the scamsters generated a new identification code called"Super User", that enabled them to hide or "unhide"invoices created in the company's Invoice Management System, thereby making thefraudulent invoices invisible to other departments.

"The amounts pertaining to these false and fabricated invoices were shownas receivables in the books of accounts of Satyam, thereby inflating therevenues of the company," the statement said.

The agency also identified the computer server used for storing the"incriminating data" resulting in the identification of theperpetrators of the fraud, unearthing the quantum of the fraud, and the modusoperandi used by the accused.

Meanwhile, the trial court rejected the bail application of the Raju brothersand former chief financial officer V. Srinivas April 25 and gave CBI thepermission to conduct further investigation into acquisition of assets by theaccused and diversion of funds.