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7 year Jail for Raju
Satyam Computer founder and former Chairman Ramalinga Raju and his brother B Rama Raju were sentenced for seven years imprisonment and a fine of Rs 5 crore in the multi-crore accounting fraud case which shook the corporate India. The special court of CBI by additional Chief metropolitan magistrate B V L N Chakravarthi pronounced judgement at a largely crowded court hall on Thursday.
Hyderabad: Satyam Computer founder and former Chairman Ramalinga Raju and his brother B Rama Raju were sentenced for seven years imprisonment and a fine of Rs 5 crore in the multi-crore accounting fraud case which shook the corporate India. The special court of CBI by additional Chief metropolitan magistrate B V L N Chakravarthi pronounced judgement at a largely crowded court hall on Thursday.
- Satyam’s Ramalinga Raju is the main convict in India’s biggest corporate fraud also fined 5 cr
- He already underwent 33-month jail term, which will be deducted from the final sentence
- CBI charged Raju with duping investors to the tune of 14,162 crore
- Nine others including his brother B Rama Raju also sentenced to seven years jail
- All the nine were also imposed a fine of 50 lakh each
The same quantum of punishment was imposed on the other eight accused, however, they were fined Rs 50 lakh each. All the accused, including former Satyam chairman Ramalinga Raju attended the court proceedings on Thursday. The 10 were convicted under various sections of IPC including 120B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security, will) 458 (forgery for cheating), 471 (using forged documents as genuine) and 477-A (falsification of accounts).
The 60-year-old Raju, who has been on bail since 2011 after spending nearly for three years in prison, was taken to Charlapalli jail, after the sentence. Earlier, the special court turned down the pleas by Raju and his brother to take lenient view on the quantum of sentence, after considering their 'philanthropic activities.’ The other eight accused also prayed for a lenient view on the quantum of sentence, considering various grounds like old age, ill-health and family reasons.
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Special Judge in his order said that after considering the facts and circumstanced of the case and nature and gravity of offence, he is of the opinion that the case involved economic offence causing a huge loss of investor money. "It is not a fit case either for invoking provisions of the Probation of Offenders Act or taking a lenient view on quantum of sentence," the special Judge said.It may be noted that Raju has already spent 33 months in the jail. He was arrested on January 7, 2009. Initially, the CBI filed three charge-sheets and later clubbed them into one. The CBI charged Raju for duping investors to the tune of Rs 14,162 crore.
Prisoner No. 4148
Hyderabad: The new identity for Satyam’s B Ramalinga Raju is Prisoner No. 4148 while his brother B Rama Raju is Prisoner No. 4147. The two were shifted to Cherlapally Central Prison following the court’s verdict on Thursday. However, they have chosen to appeal to the Sessions Court at Nampally in Hyderabad and seek a stay on the CBI court order.
