Satyam fraud case verdict date may be fixed tomorrow

Tags: Satyam, News
Nearly five-and-half-years after the multi-crore accounting fraud surfaced in erstwhile Satyam Computer Services Limited, a special court set up to try the sensational case is likely to fix tomorrow the date for pronouncement of the much-awaited verdict.

The trial in Satyam fraud case concluded last week before the special court of Additional Chief Metropolitan Magistrate (ACMM) here which examined 216 witnesses and marked 3,038 documents during the course of the hearing.

Special judge B V L N Chakravarti will probably give a date tomorrow for judgement in the case, in which erstwhile Satyam Computers founder and former chairman B Ramalinga Raju is the prime accused, CBI officials told PTI.

Touted as the country's biggest accounting fraud, the scam came to light on January 7, 2009, after Ramalinga Raju confessed to manipulating his company's account books and inflating profits over many years to the tune of several crores of rupees.

Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.

In February that year, CBI took over the investigation and filed three charge sheets (on April 7, 2009, November 24, 2009 and January 7, 2010), which were later clubbed into one.

Raju and others were charged with offences ranging from cheating, criminal conspiracy, forgery, breach of trust under relevant sections of IPC by way of inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various I-T laws.

Raju later retracted his confession statement and contended that all charges levelled by the CBI are false.

Satyam Computer Services Ltd later merged with Tech Mahindra.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi’s new listing norms should protect small investors

    There has been a long-standing debate on what should be the liability of individual promoters and directors in case a company does not meet its obliga

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Building smart cities the Indian way

Today more than half of the world’s population lives in ...

Rajgopal Nidamboor

The biology behind cultivated wisdom

We are our habits and our behaviour. We are our ...

Gautam Gupta

Why must innerwear be our best kept secret?

While women’s outerwear rules the marketing roost in India, unfortunately, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture