Please ensure Javascript is enabled for purposes of website accessibility
February 5, 2023

Satyam Founder Sentenced to 6 Months in Prison for Massive, Obvious Fraud

Remember Satyam? That Satyam? Yeah, it's been awhile for us, too.

Satyam's PwC India auditors already received a lifetime ban, but what about Satyam's founder? Surely you've been wondering what sort of slap on the wrist he'd get for one of the largest and most blatant frauds in history?

Wonder no longer:

A local court on Monday convicted Satyam founder B Ramalinga Raju, accused of one of the most sensational corporate frauds in the country, and other accused in connection with complaints filed by Serious Fraud Investigation Office (SFIO). The court sentenced Raju and others to six months' jail term and imposed fines on all the accused. SFIO, the investigation arm of Union corporate affairs ministry, had filed seven complaints against the erstwhile Satyam Computer Services Limited (SCSL) and its directors for violations of the Companies Act in the Special Court for Economic Offences in December 2009. Raju and some of the directors were sentenced to six months' imprisonment and each of them were fined an amount ranging from Rs 10,000 to Rs 10 lakh, while in other complaints only fines were imposed.

According to my handy currency converter here, 10,000 Indian rupees is about $161 US dollars. Rs 10 lakh is 1,000,000 rupees, or a little over $16,000 US dollars.

Dude's lawyers plan to file an appeal.

 

Latest Accounting Jobs--Apply Now:

There are currently no vacancies.

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a kid in business attire working on a laptop

If You Let 23-Year-Olds Sign Off on Audits, You’re Gonna Have a Bad Time

On January 24, short seller Hindenburg Research dropped a report called Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History, in which Hindenburg accuses Indian conglomerate Adani Group of engaging in “a brazen stock manipulation and accounting fraud scheme over the course of decades,” among other things. A […]

Your Naughty IRS Employee of the Day

Deena Vang Lee of Fresno, CA, was indicted in April 2019 and charged with wire fraud, aggravated identity theft, aiding and assisting in the preparation and presentation of false and fraudulent tax returns, and making and subscribing false and fraudulent tax returns. She was accused of preparing family and friends’ returns for a fee that […]