A special court on Thursday sentenced the former chief of outsourcing giant Satyam to seven years in jail over a USD 2.25 billion accounting fraud scandal dubbed “India`s Enron”.
Prosecutor K Surender said Byrraju Ramalinga Raju, his brother and eight others had been found guilty of manipulating Satyam`s books, in a 2009 case that shook the industry and raised questions about the country`s regulators.
Following are the important events in the life of Raju
-Ramalinga Raju, the eldest of four children, was born on 16 September 1954 to a farming family.
-In 1987, Raju incubated Satyam Computer Services along with one of his brothers-in-law, DVS Raju at P&T colony in Secunderabad and 20 employees.
-In 1991, Satyam won its first fortune 500 client – John Deere.
-In 1999, Raju launched Satyam Infoway (Sify) as Satyam’s internet subsidiary, thereby becoming an early participant in the Indian internet service market.
-In 2009, the chairman of Satyam Computer Services, India’s 4th-biggest software services exporter, resigned, saying the company’s profits had been inflated over recent years, sending Satyam shares plunging more than 70 percent.
Raju and his brother, B Rama Raju, were then arrested by the CID Andhra Pradesh police headed by Mr. V S K Kaumudi, IPS on charges of breach of trust, conspiracy, cheating, falsification of records.
Raju had also used dummy accounts to trade in Satyam’s shares, violating the insider trading norm
-In September 2009, Raju was hospitalised after a minor heart attack and underwent angioplasty.
-In November 2010, Raju surrendered after the Supreme Court in August cancelled the bail granted to him by a lower court in Hyderabad, where Satyam is based.
-The Supreme Court on 4 November 2011 granted bail to Raju since the Central Bureau of Investigation (CBI) failed to file charges on time.
-On 28 October 2013, the Enforcement directorate filed a chargesheet against Raju and 212 others.