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All 10 accused found guilty in Satyam case

The quantum of the sentence is expected to be pronounced in the afternoon.

Satyam
Satyam Scam Accused Raju

All the 10 accused in the multi-crore Satyam Computers account fraud, including founder-chairman B. Ramalinga Raju, were found guilty by a Special Court here on Thursday.

The judge B.V.L.N. Chakravarthy gave the verdict in the sensational fraud case in the morning, but the quantum of sentence will be pronounced in the afternoon.

Along with Mr. Ramalinga Raju, nine others – B. Rama Raju, Srinivas Vadlamani (former Chief Financial officer), S. Gopalakrishnan and Taluri Srinivas (partners Price Waterhouse), B. Suryanarayana Raju, Prabhakar Gupta (internal auditor), G. Ramakrishna (Head, Finance), D. Laxmipathy and Venkatpathi Raju were found guilty in the scam under sections 120 B read with Section 420.

Mr. Ramalinga Raju and B. Rama Raju, were also found guilty under additional section 409 (Criminal breach of trust).

The quantum of sentence would be pronounced in the afternoon after further arguments. After the verdict, the Judge heard the accused individually.

It may be mentioned here that the scam broke out following the confessional statement by Ramalinga Raju on January 7 of 2009. Initially, the investigation was handled by the Crime Investigation Department of the State Government which effected the initial arrest of the accused.

 

The case was transferred to the CBI within a couple of months. The agency constituted a multi-disciplinary investigation team with financial and other experts and filed three charge sheets. It also sent letters rogatory to six countries seeking information on company transactions.

Satyam Chart
Satyam Chart

The Satyam Comuters Services Case, over which arguments are going on in a Special Session Court here, has been a long-drawn affair, where in 226 prosecution witnesses were examined, 3,137 documents marked as material exhibits. The CBI filed three chargesheets, in the case which was one of the biggest corporate frauds in India having international ramifications.

It was a complicated case involving digital evidence, computer forensic techniques, audit procedures, accounting standards, revenue records, source codes and computer network blogs.

The former chairman Ramalinga Raju had admitted in the trial that the cash and bank balances were inflated to the tune of Rs.5,040 crore and liability was suprressed to the tune of Rs.1,230 crore and debtor position was overstated.

The Supreme Court while dealing with the bail petition of an accused Talluri Srinivas, a partner in Pricewater House, directed commencement of the trial as soon as the first chargesheet was filed in April 2009.

Special Court constituted

The CBI requested the State Government to designate an exclusive court for speedy trial. The State Government issued orders constituting the Special Court in November 2009 and three moths later the present magistrate BVLN Chakravarthy started presiding over it.

The trial commenced on November 8, 2010 on a day-to-day basis.

Satyam Details
Satyam Details

Ramalinga Raju, was in judicial custody from January 10, 2009 to August 19, 2010, when he was released on bail. He was again taken into judicial custody on November 10, 2010 and continued in the jail up to November 5, 2011, when he was released on bail for the second time. He continued to attend court away from jail.

Ramalinga Raju underwent treatment for Hepatitis C while in judicial custody.

Ramalinga Raju's letter-bomb on unsuspecting investors, employees and the government confessing to a Rs.7,136-crore fraud committed by him and his close circle of relatives and employees at the company took all by surprise. The revelation sent shockwaves across the market and Satyam shareholders lost more than Rs.14,000 crore collectively as the market — rightly — took the share to the cleaners.

Source - ptinews.com

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