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.
Nationalist Congress Party president and senior leader Sharad Pawar has appealed to political leaders in the state not to visit the flood ravaged areas of Maharashtra as it diverts attention of those engaged in relief and rehabilitation to VIP arrangements and hampers work. The deat
Sri Lankan media baron, business tycoon and Chairman of The Capital Maharaja Group conglomerate, Rajandram Rajamahendran, passed away at Colombo early Sunday morning. He was 79. Rajamahendran was suffering from health problems and was receiving treatment at a private hospital in Colombo. &nb
A new study titled, ‘Quantitative analysis of Microplastics along River Ganga’ by Toxics Link has found heavy concentration of microplastics in the Ganga. All samples collected for study from the river at Haridwar, Kanpur and Varanasi were found to be polluted with microplastics.
At least 79 people were killed and 56 were missing as the flood situation in Maharashtra remained grim on Saturday. Torrential rainfall in various parts of the state, coinciding with high tides and also discharge from dams, led to inundation of many regions and floods caused landslides in some places too.
Within days of announcing its new Electric Vehicle Policy 2021, Maharashtra Friday announced its partnership with Climate Group’s EV100 network to push and promote electric vehicles and reduce CO2 emissions. The policy, meanwhile, was also notified on Friday. Climate Gro
Severe rains battered Raigad, Thane, Ratnagiri, Kolhapur and Satara regions of Maharashtra with rains in Ratnagiri district breaking the 40-year record. As rivers in these districts crossed warning levels, the National Disaster Response Force (NDRF), the State Disaster Response Force (SDRF), Coast Guard, N