What Indian Prime Minister Dr. Manmohan Singh described as a “blot on our corporate image” is becoming more than a few dark patches of some cash missing. Initially, Mr. Raju, the founder and Chairman of Satyam, had said a small gap in the accounts had grown out of proportion over time resulting in a billion dollar cash loss for the company.

But in recent news reports, it is being strongly suggested that Mr. Raju laundered the money (about 1 billion USD) by investing into fradulent companies and startups owned by him and his family members. Apparently the number of such “non-existent” companies is close to 300!

There have also been reports surfacing of Mr. Raju having bought vast tracts of land with the money laundered. Some apparently have said it became an obsession for Satyam to own land in and around Hyderabad, the hitech city and capital of Andhra Pradesh.

The arrests of Mr. Raju and his brother is expected to throw new light into this maze of shady deals. Hopefully Mr. Raju will not lie to his staff and the public again about how it all happened but will come clean and make it easier for Satyam to come back on its track and be profitable again. But more importantly, make Satyam the landmark of Hyderabad again … the company that made Hyderabad the biggest hitech city in India.

(On right, Ramalinga Raju in jail after his arrest).