India has been importing U.S. jobs for some time. It appears they imported another American corporate problem, fraud.

Indian offshore outsourcer, Satyam Computer Services, admits to falsifying books:

The chairman of India’s Satyam Computer Services resigned on Wednesday after confessing to fixing the IT outsourcing company’s books for the past “several” years, the country’s first major fraud case to emerge following the global financial crisis.

In a letter to Satyam’s board, B Ramalinga Raju admitted wildly inflating Satyam’s margins to paint a picture of good performance and retain his management position, in one of the worst scams to have hit India’s outsourcing sector.

How bad is it? Looks like a reported 24% profit margin is actually 3%.