Hyderabad, Dec 08: In a big development, the Special Economic Offences Wing (EOW) court of Nampally in Hyderabad convicted former Chairman of IT major Satyam, Ramalinga Raju on Monday,
Ramalinga Raju, along with his brother Rama Raju and eight others have been slapped a fine of Rs 5 lakh and 6 months of imprisonment for fraud.
Raju along with nine others have been charged with offences like cheating, criminal conspiracy, forgery and breach of trust, under relevant sections of IPC, for inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various I-T laws. The accused includes Raju, his brother B Rama Raju, ex-CFO 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.
Another case regarding the CBI probe in Satyam scam is pending. The judgement will take place on December 23.
The six year old case is touted as the biggest accounting fraud in the country. This came to light on January 7, 2009 when its founder Ramalinga Raju confessed to manipulating his company's account books.
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