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Showing posts with the label Company Fraud

The future of Sai Infosystems employees hangs in the middle

Sai Infosystems' managing director and chairman Sunil Kaddad has committed a fraud of more than Rs 1400 plus core. All the employees are in a tizzy with their fate hanging in the middle. Data Driver has received a letter from an aggrieved employee that lays the entire story behind the fraud open:

Dear Friends 

This is with reference to my earlier communication on the captioned subject. 
The primary reason of reaching out to you was to apprise you on a 1400+ Cr fraud that was committed by Mr. Sunil Kakkad (Chairman & Managing Director - Sai InfoSytem (India) Ltd) and his henchmen on lines similar to Satyam which has left 1400 families displaced across the country. 
In addition to the employees who were not paid their dues for more than 9 months the criminals have defrauded 6 PSU Banks viz SBI, SBBJ, IDBI Bank, Bank of Baroda, Vijaya Bank, Corporation Bank and Canara Bank to the tune of 1400 Crs +. This amount is now likely to be declared as an NPA in otherwise a challenging economy…