Nine people charged over $1bn Satyam fraud


Nine people charged over $1bn Satyam fraud

Karl Flinders

The Indian Central Bureau of Investigation (CBI) has charged nine people over the $1bn accounting fraud at Indian IT service provider Satyam.

The CBI has filed a 300-page charge sheet in relation to the fraud, citing 433 witnesses and 1,532 documents.

The charges have been made against nine individuals. These include former chairman B. Ramalinga Raju, his brother and the then managing director B. Rama Raju as well as Vadlamani Srinivas who was chief financial officer.

The accused have been charged for offences of criminal conspiracy, cheating, cheating by personation, forgery of valuable security, forgery for the purpose of cheating, using a forged document as genuine, falsification of accounts, and for causing disappearance of evidence.

Satyam, which is in the process of being sold by a government appointed board, has been at the centre of a scandal since former chairman Ramalinga Raju admitted in January that he had falsely reported the company's results for years.

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