India's Satyam Computer Services charged with financial fraud

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Satyam Computer Services, an India-based computer-services company, has been charged by the US Securities and Exchange Commission (SEC) with fraudulently inflating its revenue and assets.

The company, which serves more than a third of the Fortune 500 companies, has been accused of overstating its income, revenue and cash balances by more than $1 billion over five years. The SEC alleges the company used false invoicing and bank statements to make itself seem more profitable to investors. The $1 b