Live
- NASA Tracks Five Giant Asteroids on Close Approach to Earth Today
- Pushpa 2 Hits ₹1000 Crore in 6 Days: How It Compares to Other Top Indian Films
- Vivo X200 and X200 Pro Launched in India: Price, Specifications, and Features
- Nitin Gadkari Admits Feeling Embarrassed at Global Summits Over Rising Road Accidents in India
- Comprehensive Review on Indiramma Housing Survey and Welfare Initiatives Conducted via Video Conference
- Jogulamba Temple Records Rs 1.06 Crore Hundi Revenue in 150 Days
- Opposition Slams ‘One Nation, One Election’ Bill as Anti-Democratic; BJP Allies Support the Move
- Celebrate Karthigai Maha Deepam Virtually with Sri Mandir’s LIVE Darshan Experience
- BJP Extends Support to Samagra Shiksha Abhiyan Employees' Strike, Demands Immediate Regularization and Welfare Benefits
- Dr. M. Priyanka Stresses Quality Education, Nutritious Meals, and Cleanliness in Schools
Satyam Computers founder guilty in multi-crore fraud
Satyam Computers founder guilty in multi-crore fraud A special CBI court on Thursday found B. Ramalinga Raju, his two brothers and seven others guilty in the multi-crore Satyam scam which stunned the corporate world in 2009.
Hyderabad: A special CBI court on Thursday found B. Ramalinga Raju, his two brothers and seven others guilty in the multi-crore Satyam scam which stunned the corporate world in 2009.
.jpg)
Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B. Rama Raju were found guilty of criminal breach of trust, a CBI lawyer said. Eight others were declared guilty of criminal conspiracy in the country's biggest accounting fraud.
These eight accused are Ramalinga Raju's another brother, B. Suryanarayana Raju, Satyam's former chief financial officer Vadlamani Srinivas, former PricewaterhouseCoopers auditors Subramani Gopalakrishnan and T. Srinivas, former employees G. Ramakrishna, D. Venkatpathi Raju and Ch. Srisailam, and Satyam's former internal chief auditor V.S. Prabhakar Gupta.
Special Judge B.V.L.N. Chakravarthi of the Central Bureau of Investigation court pronounced the much awaited judgement in the packed court hall in the presence of all accused.Media persons were barred from the court room. The details of the sentence will be known once the judge completes the reading of the verdict, court sources said.
The scam came to light on January 7, 2009 when Ramalinga Raju confessed that the company's account books and profits were inflated over many years to the tune of several crores of rupees. The police arrested him two days later on a complaint by some shareholders.
The CBI, which took up investigations in February 2009, put the loss to the shareholders at Rs.14, 000 crore. The investigating agency also charged Raju with gaining Rs.2, 500 crore by selling his family shares in Satyam. Raju was charged with floating several front companies to buy land with the scam money. He was arrested by the Andhra Pradesh Police on January 9, 2009.
The CBI, which later took up the investigation, filed three chargesheets against Raju and the other accused, charging them with cheating, criminal conspiracy, forgery, and falsification of accounts and breach of trust. Raju, who was released on bail in 2011, later retracted his confession and contended that all the charges leveled against him were false.
After the scam, Tech Mahindra took over Satyam Computers in a government sponsored auction. Mahindra Satyam later merged with Tech Mahindra. An economic offences court on December 8 last year sentenced Ramalinga Raju and three others to six months imprisonment in six of the seven cases filed by the Serious Fraud Investigation Office (SFIO).
