One of the biggest corporate fraud case was investigated by the CBI
GN Bureau | April 9, 2015
Satyam Computer Services Ltd’s founder B Ramalinga Raju and nine others have been found guilty of criminal conspiracy and cheating on Thursday by a special court in Hyderabad in the multi- crore accounting fraud case and sentenced them to seven years rigorous imprisonment.. Raju and his brother B Rama Raju have also been fined Rs five crore each while the eight others have been fined varying amounts up to Rs 25 lakh.
This is the third conviction for Raju after he confessed to cooking the books of Satyam to the tune of Rs.7,136 crore in January 2009. Later he disowned the statement.
Around 3,000 documents were marked and 226 witnesses examined during the trial that began nearly six years ago. Beside Ramalinga Raju, the other accused are, his brother and Satyam's former managing director B Rama Raju, former chief financial officer Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam and Satyam's former internal chief auditor V S Prabhakar Gupta.
Raju and others were charged with offences like cheating, criminal conspiracy, forgery and breach of trust under relevant sections of IPC for inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various Income Tax laws.
In February 2009, the CBI took over the investigation and filed three chargesheets. The CBI accused Raju and the others of cheating, breach of trust by way of inflating invoices and incomes in the first and third charge sheets, the second one dealt with the accused allegedly falsifying returns through violation of various IT laws. During the trial, the CBI alleged that the scam caused a loss of Rs 14,000 crore to shareholders of Satyam.
The company was sold to Tech Mahindra Ltd. in April 2009 in an auction. Tech Mahindra rebranded it as Mahindra Satyam in 2013. It is now the country’s fifth biggest IT services firm.
Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher. Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie
Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p
Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b
Should ration cards not linked to Aadhaar be rendered ineligible?
INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam. The anti-submarine warfare stealth corvet
Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy. SAIL’s integ