{"id":770,"date":"2023-09-28T05:06:23","date_gmt":"2023-09-28T05:06:23","guid":{"rendered":"https:\/\/wp-api.pocketful.in\/blog\/?p=770"},"modified":"2025-04-24T09:53:21","modified_gmt":"2025-04-24T09:53:21","slug":"satyam-scam-case-study-know-the-story-indians","status":"publish","type":"post","link":"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/","title":{"rendered":"Satyam Scam Case Study: Know The Story Indians"},"content":{"rendered":"\n<p>In today\u2019s blog, we will explain how an IT company committed the biggest fraud of all time. The story was backed up in 2009 when the owner of an IT company came up front in the media and exposed himself.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Information and Technology Industry is the industry that works on the model based on collecting, processing, distribution &amp; use of Information. Also, there are few IT companies involved in the design, manufacturing &amp; marketing of hardware such as processors, networking equipment and storage devices. One such tech company was Satyam Computers.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/#About_Satyam_Computers\" title=\"About Satyam Computers\">About Satyam Computers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/#Series_Of_Events_In_The_Satyam_Computers_Scam\" title=\"Series Of Events In The Satyam Computers Scam\">Series Of Events In The Satyam Computers Scam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/#The_Role_Of_Raju\" title=\"The Role Of Raju\">The Role Of Raju<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/#Steps_Taken_By_The_Government\" title=\"Steps Taken By The Government\">Steps Taken By The Government<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/#FAQs_Frequently_Asked_Questions\" title=\"FAQs (Frequently Asked Questions)\">FAQs (Frequently Asked Questions)<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-about-satyam-computers\"><span class=\"ez-toc-section\" id=\"About_Satyam_Computers\"><\/span>About Satyam Computers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/satyamscam-1.png\" alt=\"quick summary of the satyam scam\" class=\"wp-image-779\" style=\"aspect-ratio:16\/9;object-fit:cover\" srcset=\"https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/satyamscam-1-1024x576.png 1024w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/satyamscam-1-300x169.png 300w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/satyamscam-1-768x432.png 768w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/satyamscam-1-1536x864.png 1536w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/satyamscam-1.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Satyam Computer&nbsp; Ltd was started in 1987 in Hyderabad by two brothers, Rama Raju and Ramalinga Raju. The company started its working with 20 employees offering IT and BPO services.<\/p>\n\n\n\n<p>The success enabled the company to list itself through Initial Public Offering (IPO) in the year 1991 on the Bombay Stock Exchange. After listing Satyam got its first major client. This further allowed the business to grow and it soon became one of the top software-exporting IT companies in the market after TCS, Wipro, and Infosys.&nbsp;<\/p>\n\n\n\n<p>We will give our readers a summary of the Satyam Scandal that shocked India\u2019s corporate world in 2009.<\/p>\n\n\n\n<p>&nbsp;&nbsp;We will be focusing on the below-mentioned points-<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Ramalinga Raju, founder, and CEO of Satyam Computers, a Hyderabad-based software Company had accepted faking and changing company financials for years in 2009.<\/li>\n\n\n\n<li>In February 2009, the Central Bureau of Investigation took charge of the investigation and filed three charge sheets against the company.<\/li>\n\n\n\n<li>The company was then removed from the Indian stock exchanges&nbsp; NSE &amp; BSE.<\/li>\n\n\n\n<li>A new board of directors was formed after the intervention of the government.<\/li>\n\n\n\n<li>The company was then acquired by one of the IT giants, Tech Mahindra and Satyam Computers was renamed Mahindra Satyam. All the operational activities of the company were brought to a close.<\/li>\n\n\n\n<li>A total of ten people were found guilty and convicted. All of them including Raju were sentenced to 7 years of imprisonment. Raju and his brother were penalised with a heavy amount of Rs 5.5 crore each.<\/li>\n<\/ol>\n\n\n\n<p>Having known some highlights of the scandal let&#8217;s dig deep into what happened in 2009.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-series-of-events-in-the-satyam-computers-scam\"><span class=\"ez-toc-section\" id=\"Series_Of_Events_In_The_Satyam_Computers_Scam\"><\/span>Series Of Events In The Satyam Computers Scam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1987 \u2013 The company got incorporated &amp; started its working in Hyderabad.<\/li>\n\n\n\n<li>1991 \u2013 The company listed itself on the Bombay Stock Exchange.&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>2001 \u2013 The company was listed on the New York Stock Exchange.<\/li>\n\n\n\n<li>2008 \u2013 Satyam Computer acquired 100% stakes in 2 companies owned by Ramalinga Raju\u2019s son.<\/li>\n\n\n\n<li>The deal of acquisition was cancelled by the shareholders in less than a day.<\/li>\n\n\n\n<li>Due to the withdrawal of the deal, the share price of Satyam Computer fell around 55% on the same day on the New York Stock Exchange.<\/li>\n\n\n\n<li>2008 \u2013 In the same month company was also stopped from continuing its business with the World Bank.<\/li>\n\n\n\n<li>2009 &#8211; Ramalinga Raju resigned after admitting that he misrepresented the company\u2019s financials. He claimed that the company\u2019s cash and bank accounts on the balance sheet were shown way more than the actual amount.<\/li>\n<\/ul>\n\n\n\n<p>Satyam was trying to guarantee its clients and investors that it could keep the firm operational. However, U.S.-based law firms filed a case against Satyam Computers on behalf of its U.S.-based clients. Finally, the Indian Government took a decision to step in and appointed 3 persons to the Board of Directors thereby forming a new board in order to save the company.<\/p>\n\n\n\n<p>Now, our readers must be thinking why Satyam\u2019s Raju all of a sudden out of nowhere came forward and took a decision to expose himself!<\/p>\n\n\n\n<p>The Satyam Computer scam was one of the most destructive events in the history of Indian tech companies. Mr Raju decided to confess instead of running away because there was a sharp fall in real estate properties he owned and his personal finances as well. Hence, he was left with no other option and was finally arrested and charged with criminal conspiracy, breach of trust, and cheating.<strong>&nbsp;<\/strong><\/p>\n\n\n\n<p>We updated our readers about the company, what the scam was, year-wise events of the scam and why Raju confessed, what\u2019s left is, in the series of events how Raju and the auditors misrepresented the data, what all they did to show the good picture.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-role-of-raju\"><span class=\"ez-toc-section\" id=\"The_Role_Of_Raju\"><\/span>The Role Of Raju<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"1024\" src=\"https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-35.png\" alt=\"ramalinga Raju\" class=\"wp-image-772\" style=\"aspect-ratio:3\/4;object-fit:cover;width:342px;height:undefinedpx\" srcset=\"https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-35-780x1024.png 780w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-35-228x300.png 228w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-35-768x1009.png 768w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-35-1170x1536.png 1170w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-35.png 1200w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><\/figure>\n\n\n\n<p>The role of Raju was that he knowingly showed overvalued and fake assets that never existed which was around 1.47 billion dollars. He faked various bank statements for many years. Not only this but also, but he also created fake customer and employee identities and showed fake invoices and salaries in their names. Mr Raju transferred the company\u2019s funds to other companies that he owned and also used the same for his personal benefits. Price Water House Coopers (PwC), a global auditing company, has been auditing Satyam\u2019s records for many years. Satyam paid almost double the amount that any company would ever pay for auditing.<\/p>\n\n\n\n<p>The matter was finally discovered when one of the independent directors received an email from a whistle-blower and he forwarded the mail to S. Gopalakrishnan, who was a partner in the auditing company PWC.<\/p>\n\n\n\n<p><strong>Read Also:<\/strong> <a href=\"https:\/\/wp-api.pocketful.in\/blog\/scam-1992-harshad-mehta-scam-story\/\" target=\"_blank\" rel=\"noreferrer noopener\">Scam 1992: Harshad Mehta Scam Story<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-steps-taken-by-the-government\"><span class=\"ez-toc-section\" id=\"Steps_Taken_By_The_Government\"><\/span>Steps Taken By The Government<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"679\" src=\"https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-36.png\" alt=\"role of government\" class=\"wp-image-773\" style=\"aspect-ratio:4\/3;object-fit:cover;width:470px;height:undefinedpx\" srcset=\"https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-36.png 900w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-36-300x226.png 300w, https:\/\/cms-resources.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/image-36-768x579.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<p>After this unfortunate event, the Indian government took some significant steps to avoid further scams like Satyam Computers. The then existing Company\u2019s Act 1956 was removed and the new Companies Act 2013 was introduced and implemented. To brief the law stated that the director of every company should be changed after every 5 years. The government also formed a regulatory body (SERIOUS FRAUD INVESTIGATION OFFICE) The only objective of which was to look into business and accounting fraud activities in India.<\/p>\n\n\n\n<p><strong>Read Also: <\/strong><a href=\"https:\/\/www.pocketful.in\/blog\/blusmart-shutdown-gensol-scam\/\">BluSmart Shutdown &amp; Gensol Scam<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>That\u2019s all for today. Wrapping up our blog here and ending our reader\u2019s curiosity that after all the mess that happened in 2009 what actually happened to the company?<\/p>\n\n\n\n<p>As a result, Satyam Computers was acquired by Tech Mahindra. The IT giant bought an almost 51% stake in Raju\u2019s company and renamed it \u201cMahindra Satyam.\u201d Later, in June 2013, Mahindra Satyam merged into Tech Mahindra thereby, bidding final goodbye to all the baddoings and immoral behaviour. The Satyam scam served as a wake-up call for India&#8217;s business sector.<\/p>\n\n\n\n<p>See you in the next blog, until then don\u2019t forget to share your thoughts on our today\u2019s newsletter.<\/p>\n\n\n\n<p>By the time do not forget to share this article on WhatsApp, LinkedIn &amp; X (formerly Twitter).<\/p>\n\n\n\n<figure class=\"wp-block-table has-small-font-size\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">S.NO.<\/th><th class=\"has-text-align-left\" data-align=\"left\">Check Out These Interesting Posts You Might Enjoy!<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>1<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.pocketful.in\/blog\/tcs-case-study\/\">TCS Case Study: Business Model, Financial Statement, SWOT Analysis<\/a><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>2<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.pocketful.in\/blog\/vedanta-case-study\/\">Vedanta Case Study: Business Model, Financial Statement, SWOT Analysis<\/a><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>3<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.pocketful.in\/blog\/nestle-india-case-study\/\">Nestle India Case Study: Business Model, Financial Statement, SWOT Analysis<\/a><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>4<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.pocketful.in\/blog\/bpcl-case-study\/\">BPCL Case Study: Business Model, Product Portfolio and SWOT Analysis<\/a><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>5<\/strong><\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.pocketful.in\/blog\/apollo-hospitals-case-study\/\">Apollo Hospitals Case Study : Business Model, Financial Statements, And SWOT Analysis<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-frequently-asked-questions\"><span class=\"ez-toc-section\" id=\"FAQs_Frequently_Asked_Questions\"><\/span>FAQs (Frequently Asked Questions)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><h3 class=\"\">When did the Satyam computer scam happen?<\/h3><p class=\"saswp-faq-answer-text\">The Satyam scam happened in the year 2009.<\/p><li style=\"list-style-type: none\"><h3 class=\"\">What happened to Satyam computers?<\/h3><p class=\"saswp-faq-answer-text\">It was later acquired by Tech Mahindra and was renamed Mahindra Satyam.<\/p><li style=\"list-style-type: none\"><h3 class=\"\">Who was the main culprit behind the Satyam scam?<\/h3><p class=\"saswp-faq-answer-text\">The main person behind the Satyam scam was Mr Raju, founder and chairman of the company<\/p><li style=\"list-style-type: none\"><h3 class=\"\">How the scam was identified?<\/h3><p class=\"saswp-faq-answer-text\">A whistle-blower mailed the independent directors about the two companies that Satyam Computers was planning to buy. (For our Reader\u2019s reference whistle-blower is a person who informs about fraudulent activities)<\/p><li style=\"list-style-type: none\"><h3 class=\"\">Was Satyam computers listed on the New York Stock Exchange?<\/h3><p class=\"saswp-faq-answer-text\">Yes, it was listed on the New York Stock Exchange.<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>In today\u2019s blog, we will explain how an IT company committed the biggest fraud of all time. The story was backed up in 2009 when the owner of an IT company came up front in the media and exposed himself.&nbsp;&nbsp;&nbsp; The Information and Technology Industry is the industry that works on the model based on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":798,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"is_paper_insight":false,"paper_insight_image":0,"paper_insight_pdf":0,"paper_insight_ppt":0,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study"],"acf":{"freelancer":"Kavya Mehrotra"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v21.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Satyam Scam: Case Study of Satyam Fraud Case - Pocketful<\/title>\n<meta name=\"description\" content=\"Unveil the shocking story of the Satyam Computers fraud, where Ramalinga Raju confessed to financial misrepresentation. Learn how the 2009 scandal unfolded and led to Satyam&#039;s downfall.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Satyam Scam Case Study: Know The Story Indians\" \/>\n<meta property=\"og:description\" content=\"Unveil the shocking story of the Satyam Computers fraud, where Ramalinga Raju confessed to financial misrepresentation. Learn how the 2009 scandal unfolded and led to Satyam&#039;s downfall.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wp-api.pocketful.in\/blog\/satyam-scam-case-study-know-the-story-indians\/\" \/>\n<meta property=\"og:site_name\" content=\"Pocketful\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Pocketful.HQ\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-28T05:06:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-24T09:53:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wp-api.pocketful.in\/blog\/wp-content\/uploads\/2023\/09\/blogbanner-temp1.psd-5.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Farhan Ahmed\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Pocketful_HQ\" \/>\n<meta name=\"twitter:site\" content=\"@Pocketful_HQ\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Farhan Ahmed\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Satyam Scam: Case Study of Satyam Fraud Case - Pocketful","description":"Unveil the shocking story of the Satyam Computers fraud, where Ramalinga Raju confessed to financial misrepresentation. 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