Between 2001 and 2009, when the accounting fraud was being orchestrated at Satyam, its founder B Ramalinga Raju and his kin made Rs 715 crore (Rs 7.15 billion) by 'intelligently' offloading Satyam shares, according to the Central Bureau of Investigation.
'They have cheated the investors on the one hand and made maximum gains for themselves on the other hand,' the CBI stated in its chargesheet, a copy of which is available with Business Standard.
The CBI charges in the accounting fraud pertain to conspiracy, cheating, forgery, falsification of records and causing disappearance of evidence. There is no charge of misappropriation of funds.
Image: B Ramalinga Raju, chairman, Satyam Computer Services, in his office in Hyderabad. | Photograph: PK/Reuters
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