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7-year jail sentence for Satyam’s Raju, brother

Newsroom24x7 Desk

Ramalinga Raju

Ramalinga Raju

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.

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