Ramalinga Raju gets 6 months of jail in Satyam scam

The Hyderabad court on Monday sentenced the Satyam founder B Ramalinga Raju and his brother Rama Raju to six months jail, and a fine of Rs 5 lakh has also been imposed on each of them.

This is in connection to the software scam done by the two in Satyam’s financial fraud.

ramlings raju

Known to be as one of the country’s biggest accounting fraud, the scam came to light on January 7, 2009. The charges were proved when Mr Raju confessed to manipulating the company’s account books.

This was done to inflate the profits over many years to make it to several crores.

Crime Investigation Department of Andhra Pradesh Police arrested Mr. Raju two days later. His brother was also arrested along with him.

Mr Raju the former Satyam chairman was charged with offences like cheating, criminal conspiracy, forgery and breach of trust under relevant sections of IPC (Indian Penal Code) for inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various income tax laws.

Another case regarding the CBI or Central Bureau of Investigation probe in Satyam scam is pending for judgement on December 23.

About Manoj Nair 115 Articles
For Manoj, writing has been his first hobby, and after completing his domestic duties, he has plunged into his first love, writing. He is associated with writing for different news sites, like Blasting News, PanAsiabiz, and Herbal Remedy Sites like MamaHerb.com and AOR.