Satyam fraud is absolutely shocking. Ramalinga Raju, Chairman of Satyam has resigned from the board and admitted the Fraud committed. The IT industry which is already faced with tough times in US will raise questions in minds of FIIs and FDI. According to the letter, neither the auditors nor any other member of the board where aware of the fraud. You can read more about this story here: Raju admits fraud; Satyam books inflated of Rs 5040cr.