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Satyam scam: Raju, nine others convicted

Hyderabad, Apr 9 : A special court on Thursday convicted B Ramalinga Raju along with nine others in the Satyam Computer Services scandal that had rocked the corporate world in 2009.

The sentence has not yet been pronounced as the conviction occurred about six years since the scam.

Founder-chairman Ramalinga Raju had confessed that the company’s accounts had been falsified and that he had manipulated the accounts by US$1.47-Billion.

In February 2009, India’s federal investigating agency CBI took over the probe.

In Indian currency it is a nearly Rs 10,000 crore scam.

Raju, his brother B Rama Raju, former company official Vadlamani Srinivas and former director Ram Mynampati were among the prime accused.

The Indian arm of Satyam’s statutory auditor PwC was fined $6 million by the SEC (US Securities and Exchange Commission) for not following the code of conduct and auditing standards in the performance of its duties related to the auditing of the accounts of Satyam Computer Services.

In April 2009, a 46% stake in Satyam was purchased by Mahindra & Mahindra owned company Tech Mahindra, as part of its diversification strategy. Effective July 2009, Satyam rebranded its services under the new Mahindra management as “Mahindra Satyam”.

The companies are merged legally on 25 June 2013.

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