HYDERABAD: Six years after the biggest accounting fraud shook the
corporate world in India, Satyam founder B Ramalinga Raju was on
Thursday sentenced to 7 years in jail and was fined Rs 5 crore by a
special court in Hyderabad.
Nine other accused were also sentenced to seven years rigorous imprisonment.
Raju had already spent 32 months in jail.
Earlier in the day, Raju and nine others were found guilty by the court on charges of criminal conspiracy and cheating in the Rs 7000 crore scam.
Except Raju's another brother B Suryanarayana Raju and former internal chief auditor V S Prabhakar Gupta, all the others eight accused were found guilty under IPC sections 467, 468, 471 and 477A, relating to forgery of security, forgery for purpose of cheating and falsification of accounts, according to V Chandrashekhar, Superintendent of Police, CBI Hyderabad Zone.
While the accounting fraud was to the tune of Rs 7,000 crore, it had caused an estimated notional loss of Rs 14,000 crore to investors and unlawful gains of Rs 1900 crore to Raju and others.
Nine other accused were also sentenced to seven years rigorous imprisonment.
Raju had already spent 32 months in jail.
Earlier in the day, Raju and nine others were found guilty by the court on charges of criminal conspiracy and cheating in the Rs 7000 crore scam.
Except Raju's another brother B Suryanarayana Raju and former internal chief auditor V S Prabhakar Gupta, all the others eight accused were found guilty under IPC sections 467, 468, 471 and 477A, relating to forgery of security, forgery for purpose of cheating and falsification of accounts, according to V Chandrashekhar, Superintendent of Police, CBI Hyderabad Zone.
While the accounting fraud was to the tune of Rs 7,000 crore, it had caused an estimated notional loss of Rs 14,000 crore to investors and unlawful gains of Rs 1900 crore to Raju and others.