It is very unfortunate that the ‘functioning’ of the supposed IT major has escaped the attention of SEBI and even its competitors have not been able to smell the rat. The Chairman of the Company, Raju, has achieved immense clout in the political circles in a short span of time, which has helped him to diversify his empire through his sons at the cost of ‘Satyam’, in both sense of the word.

A fraud of this magnitude could not have been committed by a single individual and it seems a group of people including politicos have been involved. It is reported that even before the SEBI could act, Raju’s ‘arrest’ had been stage-managed and the Andhra police wasted no time, in shamelessly terming the ’surrender’ as ‘arrest’! As per the ‘Indian’ norms, Raju has complained of chest pain and he has been referred to a private hospital, as ‘equal before the law’ policy is not applicable to him, as he is more than the ordinary!

Now, the centre has constituted a three member leading Board along with the addition of a few Directors to salvage the company. This board is likely to assist the probe, but whether the guilty would be punished or not depends upon the ‘will’ of the government. Considering the political clout of Raju, it is most unlikely that he would get the severe punishment as per law. But then, the arrest, jail term, investigation and other actions itself is a big thing and whether the government would ensure the protection of hapless employees and innocent shareholders has to be wait and seen.

Compare this fraud of IT Company with the alleged fraud of IT Minister! If Satyam fraud accounts to only Rs 7000/- crores, the ‘Spectrum’ scam runs to more than ten times of Satyam! The deliberate adoption of ‘first come first served’ method for allotment of ’spectrum’ 2G licences, violating the policy and previous norms, by A Raja, Union Minister of Communication and IT, has caused a huge loss of over Rs 70, 000/- crores to the government exchequer.

While ‘Satyam’ Chairman Raju had the ‘honesty’ to accept his fraud and surrender, Minister Raja had the gumption to deny any wrongdoing in the spectrum allotments and also had the audacity to say that everything had been done as per the recommendations of TRAI and with the complete knowledge of the Prime Minister! A section of media has clearly established the deliberate malpractices and proved the involvement of a few beneficiaries, which are in no way connected to telecommunication, but connected only with the minister. The Union Finance Ministry has also brought to the fore the alleged flaws in the allocation.

The opposition parties have been asking for his resignation and demanding a thorough probe into the entire process of Spectrum allocation. But, both the Prime Minister and the Finance Minister have been keeping quiet. Also, the Prime Minister has not replied to the demand for permission to prosecute the minister. Meanwhile, the Tamilnadu Chief Minister, in the aftermath of the re-union with the estranged grandnephew and former ‘IT and Communication Minister’ Maran, has publicly stated that the Spectrum issue has been closed! Questions on the connection between the re-union and the Spectrum scandal should not be asked!

While ‘Satyam Raju’ has been dealt with, as per the law of the land for a fraud of Rs 7000 crores, ‘Spectrum Raja’ has gone scot-free for a scam, which is ten times more than that! Politicos are always above the law, stupid