It isn't much different from what Raju tried to do with Saytam.
Satyam was over-reporting profits and thus had fictitious cash.
Olympus was under-reporting losses from investments and thus had fictitious cash (and/or over-valued assets).
Fictitious cash is usually removed by purchasing non-existing or over-valued assets.
Satyam tried to purchase Maytas at inflated price, but failed.
Olympus was able to purchase three start-ups with no revenues at inflated prices.
According to the company's accounts, an abnormal fee was paid to Axes America and AXAM Investments for the Gyrus deal. It is possible that this fee was never paid or was over-reported.
In 2006, Olympus hired Axes America to scout out acquisition targets and, two years later, agreed to pay Axes the world's largest M&A advisory fee, according to Thomson Reuters data, for its $2 billion purchase of UK medical equipment firm Gyrus.
The fee was equal to a third of the purchase price, eclipsing investment banking industry norms of 1-2 percent.
According to the PwC report commissioned by ousted chief executive Michael Woodford, Axes and Axam in effect disappeared after receiving payment from Olympus, and the audit firm could not trace their investors or representatives.