Satyam case adjourned till August 11

Hyderabad: The decision on the verdict date in the Satyam fraud case has been adjourned till August 11 by the Nampally Special Court. Following the arguments in the case, the honourable judge has adjourned the case till August 11.

It is worth recollecting that the scam came to light in 2009, after the then chairman, B. Ramalinga Raju, confessed to manipulating his company’s account books and inflating profits over many years. Raju and his brother had been arrested by the erstwhile united Andhra Pradesh Crime Investigation Department. The case was later taken up by the Central Bureau of Investigation.

Many others including Ramalinga Raju were charged with offences including cheating, criminal conspiracy, forgery and breach of trust under relevant sections of the Indian Penal Code. Nevertheless, Raju later pulled backed his confession statement and contended that all charges levied by the CBI were false.

According to the CBI, the accounting fraud in Satyam was perpetrated over a period of 10 years, wherein Raju and the other accused manipulated and fabricated records and projected revenues of the company which never existed. It is reported that the scam caused a loss of Rs 14000cr to Satyam shareholders.