news Thursday, April 09, 2015 - 05:30
After more than 6 years, a CBI special court in Hyderabad has found former Satyam chairman Ramalinga Raju and nine others guilty of corporate fraud in the infamous Rs 14,000 crore Satyam case. All 10 accused in the case have been found guilty in a scam that has been dubbed as one of the biggest financial scams in the country's corporate sector. All the accused have been sentenced to seven years of imprisonment. The accused have been found guilty of cheating, forgery and criminal breach of trust which had caused a loss of Rs 14,000 crore to shareholders of Satyam. The ten accused in order include B Ramalinga Raju, his brother Rama Raju, Satyam executive Vadlamani Srinivas, two Price Waterhouse officials S Gopalakrishnan and Talluri Srinivas, Ramalinga Raju's another brother Suryaranayana Raju, company’s vice-president Finance G Ramakrishna, senior manager finance D Venkatapathy Raju, finance manager C Srisailan and head of the company's internal audit V.S.P. Gupta. All the ten accused have been convicted under section 120 B (Criminal conspiracy) read with 420 IPC (cheating).  Accused 1, B Ramalinga Raju and accused 2, his brother B Rama Raju, have also been convicted under section 409 IPC (Criminal breach of trust by merchant or agent), 467, 468, 471, 477 A of IPC (forgery, using forged documents as genuine and fudging of accounts). In addition to these sections, Ramalinga Raju has also been found guilty under section 201 IPC (destruction of evidence). Accused 3 Vadlamani Srinivas, a Satyam Executive has been convicted under Sec 120 B read with 420 IPC, 406 (criminal breach of trust) and 467, 468, 471, 477 A of IPC (forgery, using forged documents as genuine and fudging of accounts). The two Price Waterhouse officials,   accused 4 S Gopalakrishnan and accused 5 Talluri Srinivas have been found guilty of impersonation, in addition to other charges. Accused 7 G Ramakrishna, who was the company’s vice-president Finance has also been found guilty under Sec 201 IPC (destruction of evidence), in addition to other charges.  

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