Bean-counters banned in India

BUNGLING accountant PwC has been banned from India after failing to spot a £1.3bn fraud which became one of the country’s biggest corporate scandals.

It waved through years of accounts at now-defunct Satyam Computer Services, completely missing thousands of fake invoices which falsely boosted profits.

India’s regulator said the accountant relied upon what Satyam told it – and even ignored information from banks that showed the truth.

PwC’s Indian arm was ordered to hand over £1.5m of earnings and banned from working for any listed businesses in the country for the next two years.

The firm said it is disappointed and will seek a stay of the order.