HYDERABAD: After six years of the biggest fraud of Indiabeing reported, Satyam Founder B Ramalinga Raju has been sentenced to seven years jail and fined Rs. 5 crore by a special court in Hyderabad on Thursday.
Earlier today, Raju, who has already spent 32 months in jail, was found guilty on the charges of criminal conspiracy and cheating in the multi-crore scam along with nine others.
All the other eight accused excluding Raju’s another brother Suryanarayana Raju and former internal chief auditor V S Prabhakar Gupta were found guilty under IPC sections 467, 468, 471 and 477A, relating to forgery of security, forgery for purpose of cheating and falsification of accounts, according to V Chandrashekhar, Superintendent of Police, CBI Hyderabad Zone.
Satyam founder and his brother, B Rama Raju, former Managing Director of the company were also found guilty under Section 409 of Indian Penal Code associated with criminal breach of trust.
All 10 accused were present in the court when the verdict was announced. Media was not allowed to be a part of the announcement.
Following the order, the judge directed the CBI to take all of the guilty into custody.
What was being considered as the biggest fraud of the country, the Satyam scam were the headlines on January 7, 2009 after the Founder and then Chairman of the company Ramalinga Raju reportedly accepted of manipulating the account books of his company and inflating profits over many years.
Following his confession, two days later, Raju was arrested by the Crime Investigation Department of Andhra Pradesh along with his brother Rama Raju and others.
Approximately 3,000 documents were marked and 226 witnesses were inspected at the time of the trial that started around six years ago.
B Rama Raju, former Chief Financial Officer Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam and Satyam’s former internal chief auditor V S Prabhakar Gupta are the other accused besides Ramalinga Raju.
In April 2009, Satyam was acquired by Mahindra & Mahindra owned group Tech Mahindra.
(With Agency Inputs)