Ramalinga Raju found guilty in Satyam scam case

A special court here on Thursday returned a guilty verdict against B Ramalinga Raju in a multi-crore accounting fraud in erstwhile Satyam Computer Services Ltd (SCSL).

Raju, co-founder of what was once one of India’s hottest IT services companies, was found guilty of cheating, forgery and criminal breach of trust. 

The scam came to light on January 7, 2009, when Raju admitted to having cooked Satyam’s books for years for crores of rupees in non-existent revenue and profits. The admission, which revealed one of India’s biggest white-collar crimes, sent shock waves across the corporate world 

The case has been dragging on for almost five years now; during the last hearing on March 9, Special Judge BVLN Chakravarthi had made it clear that he would not delay the verdict beyond April 9. 

“On April 9, the judgement will be pronounced. I am making it very clear. April 9 will be the final date for the verdict. No question of further adjournments. Court will not wait,” he said. 

Raju was arrested by Andhra Pradesh Police’s Crime Investigation Department two days later after he allegedly confessed to the fraud, along with his brother Rama Raju and others.

All the 10 accused in the case are currently out on bail.

Around 3,000 documents were marked and 226 witnesses examined during the trial that began nearly six years ago.

Beside Ramalinga Raju, the other accused are, his brother and Satyam’s former Managing Director B Rama Raju, former Chief Financial Officer Vadlamani Srinivas, former 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 V S Prabhakar Gupta. A special court here trying the multi-crore accounting fraud in erstwhile Satyam Computer Services Ltd (SCSL) will pronounce its judgement in the CBI- probed case tomorrow.