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India Sentences ex-Satyam CEO to 7 Years in Prison

Bruce Carton | April 9, 2015
In Hydrabad, India this week, B. Ramalinga Raju, former chairman and CEO of Satyam Computer Services, was found guilty and sentenced to seven years in prison for his role in a $1 billion accounting fraud that was revealed in 2009.
 
In January 2009, Raju admitted in a letter to Sayam's board of directors that he had engaged in the fraud, which he said began as one-time effort to hide a bad quarter but then spiraled out of control. Although Raju later "retracted" his 2009 confession, the court found him guilty yesterday of fraud and other charges in the case known as "India's Enron." 
 
The WSJ reports that in addition to Raju, nine other individuals --...
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