SatyamScam: Ramalinga Raju, nine others punished and sentenced

ImageCourtesy: thehindu.com

Satyam founder, R Raju, along with nine others was sentenced to jail on Thursday by a special court in Hyderabad hearing this case. A fine of Rs 5 crore was also imposed on the company’s founder Raju.

Raju and nine others were charged for criminal conspiracy and cheating in the Rs 7000 crore scam. The accused were charged with IPC sections 467, 468, 471 and 477 (A), related to forgery of security and forgery for the purpose of cheating and falsification of accounts.

This probe was conducted by V Chandrashekhar, Superintendent of Police, CBI Hyderabad Zone. When the verdict was passed, all the ten accused were present in the court, but the media was not allowed. After pronouncing the order, all the accused were taken into custody as ordered by the judge.

The then chairman Ramalinga Raju had allegedly confessed to manipulating his company’s accounts and inflating profits over many years. Two days after his confession, the Andhra Pradesh Police’s Crime Investigation Department (CID) took him and his brother Rama Raju into custody.

Names of all accused are: Ramalinga Raju, B Rama Raju, Vadlamani Srinivas, Subramani Gopalakrishnan, T Srinivas, Suryanarayana Raju, G Ramakrishna, D Venkatpathi Raju, Ch Srisailam and V S Prabhakar Gupta.

The Satyam scam came to light on January 7, 2009, following which the company was purchased by Mahindra & Mahindra owned company Tech Mahindra in April, 2009. It has been 6 years since this accounting fraud came into limelight, which shook the whole corporate world in India and R Raju has already spent 32 months in jail.

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About Shruti Dabholkar

Shruti Dabholkar is a young and an aspiring journalist who covers political news on the national front. She is an ambitious and desiring girl who finds politics interesting. She writes articles for Spectralhues. She can be followed on Twitter: @Shruti_d9.