7-year jail sentence for Satyam’s Raju, brother
Hyderabad: A special court here today convicted the multi-crore Satyam fraud mastermind B Ramalinga Raju and his brother B Rama Raju to seven years rigorous imprisonment and also slapped a fine of Rs 5.5 crore in the Rs 7000-crore accounting fraud that jolted the corporate world in 2009.
Beside the Raju brothers, the former Chief Financial Officer of Satyam Vadlamani Srinivas, former Price Waterhouse auditors Subramani Gopalakrishnan and T Srinivas, and five others were also sentenced to seven years rigorous imprisonment and fined varying amounts by the court of Special Judge B V L N Chakravarthi.
The corporate world was rocked when in 2009 Satyam’s founder chairman Ramalinga Raju had confessed that his company’s accounts had been fudged and manipulated by US$ 1.47 billion. The confession coincided with his resignation on January 7 that year.