SEBI slaps Rs 1,849 crore penalty on Raju in Satyam computer scam

In its final judgement in multi-crore Satyam computer scam, the SEBI has slapped Rs 1,849 crore penalty with interest on Satyam founder B Ramalinga Raju and four other Satyam executives.

SEBI asked the accused to return the money within 45 days with annual interest of 12% since January 2009 till date.

SEBI has lso barred Raju and others accused from entering into capital markets for 14 years.

Satyam computer scam is one of the biggest accounting fraud in India in which the founder Ramalinga Raju confessed in 2009 to manipulating his company’s account books and take away profits.

Raju was arrested and sent to jail in 2009 under charges of cheating, criminal conspiracy, forgery, breach of trust under sections of IPC for inflating invoices and incomes, account falsification, faking fixed deposits and giving falsifying returns through violation of I-T laws.

Satyam Computer Services Ltd later merged with Tech Mahindra.

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