Published On: Mon, Aug 30th, 2010

Satyam Managing Director B Rama Raju: India’s Largest Corporate Fraud

Satyam managing director B Rama Raju and four others has been asked by the Supreme Court on Monday as to why their bails should not be cancelled. They are accused in Rs 14,000- crore accounting fraud in Satyam.

The Supreme Court bench comprising Justice Dalbeer Bhandari and Justice Deepak Verma issues notices to the accused who are five in numbers, on a petition filed by CBI. Accused in the India’s largest corporate fraud, the Andhra Pradesh high court in July had granted bails to Rama Raju, brother of Satyam founder B Ramalinga Raju, former Satyam CFO V Srinivas and three others former IT company employees G Ramakrishana, Ch Srisailam and Venkatapathi Raju.

Last year after Raju admitted to fudging the accounts of the IT Company, Satyam founder Ramalinga Raju, Rama Raju and eight others were arrested. Gopal Subramanium, Solicitor General who was appearing for CBI submitted before the court about the persons who have recruited some of the important witnesses in Satyam and may alter the source of evidence. The five accused were asked by the Supreme Court to reply within a week.