Satyam Scam : B Ramalinga Raju gets 7 years in prison - RNews1 Network

Satyam Scam : B Ramalinga Raju gets 7 years in prison

Satyam, B Ramalinga Raju, Satyam Scam, B Ramalinga Raju Satyam, Satyam Founder
New Delhi : B Ramalinga Raju who is the founder of Satyam convicted in the country's biggest corporate fraud, was sentenced to seven years in jail by a special CBI court in Hyderabad on Thursday. The court has also sklapped Rs 5 crore penalty. Raju had already served 32 months in jail.

Earlier, the court had convicted him and nine others under IPC section 120B, 420 and 409. The scam came into light in January, 2009, after Raju, who was then the chairman of the company, allegedly confessed to manipulating his firm’s account books and blowing up profits over many years.

He was nabbed by Andhra Pradesh Police's Crime Investigation Department two days after he purportedly confessed to the fraud, along with his brother Rama Raju and others. All the 10 accused are currently out on bail.

Approximately 3,000 documents were marked and 226 witnesses examined during the trial that began almost six years back.

Apart from Raju, the others found guilty in the case are, his brother and Satyam's former Managing Director B Rama Raju, former Chief Financial Officer Vadlamani Srinivas, former Price water house Coopers (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 VS Prabhakar Gupta.

Raju and nine others were charged cheating, forgery, criminal conspiracy and breach of trust under relevant sections of IPC for inflating invoices and incomes, faking fixed deposits, account falsification, besides allegedly falsifying returns through violation of various Income Tax laws.

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