The Author provides tools to investors how should they deal with seemingly bad news and convert them into solid money making opportunities. Scams and Scandals are the integral part of the super bull or bear markets where the temptations are more and real opportunities are less that create the fraudsters. While the Author has given the real life examples from Indian stock markets, the principles involved may be applied in all markets with difference only in degrees depending on the practices of respective stock exchange and their internal rules.
This is a sequel to Satyam Scandal in India. The author investigates like a forensic detective where the Auditors went wrong and how could they have missed the mountain and searched for a mole. The fraud could have been easily detected by the Auditor Price Waterhouse, India Chapter, which is part of Price Waterhouse Coopers, USA. The author points out exact mistakes committed by the Auditors. This shows the inadequacies of the accounting standard. While Investors depend on the Auditors for proper accounts so that they are not taken for a ride, the Auditors behave negligently and certify most of the accounts of listed companies based on relationship with the management or some other considerations .