Infosys complains about corruption Rs. 350 crores worth of money ..?: Infosys is one of the largest corporate houses in India. Infosys has a unique place in global IT companies too. A lot of Indian youth are still wandering around to join the company.
But if such a large corporate is doing some gross misconduct and betraying its net profit, the trust in Indian corporate houses is shattered. Some employees now have such a complaint against Infosys officials.
Well what a big mistake they made ..? Who says this is a scam? Who released the details? Infosys’ response to this scam Come and see.
Infosys chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilajan Roy have been involved in numerous irregularities in Infosys’ accounting cases. In a letter, some of the Infosys company employees blame public officials for infosys.
Infosys has received some $ 50 million (about Rs 350 crore) from the deal. When they arrived it was properly accounted for. But they have refunded the $ 50 million that came for several reasons. 50 million came to Infosys now. It is in this place that honest employees complain that they have been pressured from the top not to take into account the 50 million refund.
In the letter, Salil Parekh and Nilanjan Roy have been saying that they have been committing improper acts for several quarters. These two top officials have also claimed that they have e-mail and voice recordings of fraud, these are honest employees. These honest employees have written to the board of directors of Infosys on September 20, 2019, pointing out all these mistakes. IANS recently received this letter from the news agency.
That’s what auditors did
The auditors or even the board of directors are unaware of many important details, such as the $ 50 million affair above. So the auditors are keeping track of the accounting cases with the information they have available. In their letter, the honest employees have noted that many of the irregularities have been committed, especially in the case of revenues from big deals.
What a fraud, How to profit a company.
Total Revenue – Total Costs = Net Profit.
For example, total revenue is Rs.100 – total expenses is Rs.85 = net profit is Rs.15.
Now if you want to increase this net profit you have to increase revenue or cut costs. Infosys is doing both. 1. Many expenses, such as visa fees, are not properly accounted for, so Infosys claims that the cost is reduced. 2. They took into account the unpaid $ 50 million (Rs 350 crore) income. According to Infosys, revenues are rising.
Letter to the United States
These honest employees have written to the Whistleblower Protection Program office in the United States on October 3, 2019, because they did not respond to a letter sent to Infosys on September 20, 2019. In the letter, Infosys accuses the company of deliberately defrauding its accounts for the past two quarters.
Salil Parekh, who is chief executive officer of Infosys, did not undertake many reviews and approvals. Infosys has also told the sales team and some other deals not to upload updates to the mail. These are the honest employees who say that all this is done with the intention of increasing the profits of Infosys.
As Infosys’ Chief Financial Officer (CFO), the company must be able to properly report mistakes. But the honest employees are also accusing Nilajan Roy of hiding it in the CEO. In their letter, the honest employees have also said that the Chief Executive Officer, Infosys, has been substandard to others on the board of directors.
After the problem has spread beyond their hands and spread to the Whistle Blower Protection Program in the United States, it is only now beginning to answer. According to Infosys, they have sent the complaint to their company’s audit committee. Infosys has also said that the complaint will be handled in accordance with Infosys’ whistle blowers policy.
If you are scamming at such a large corporation, trust in Indian corporate houses is shattered. This should be understood by corporate companies.