Ramalinga Raju and Nine others have been convicted in the multi-crore rupees Satyam accounting fraud case by a CBI special in Hyderabad today. Special Judge Chakravarthi pronounced his judgement holding Ramalinga Raju and nine others guilty of cheating, fragary and criminal breach of trust. The quantum of punishment will be pronounced tomorrow. The Court considered over 3 thousand documents and examined over 200 witnesses during the trial that went-on since 2009.
The scam came to light in January, 2009 after Ramalinga Raju allegedly confessed to manipulating his company’s account books and inflating profits over many years to the tune of over seven thousand crore rupees. He was arrested by Andhra Pradesh Police’s crime investigation department two days later. All the accused, including Raju’s brother Rama Raju, are currently out on bail.
