Satyam fraud prime accused Raju gets bail
By siliconindia   |   Wednesday, 18 August 2010, 23:12 IST   |    13 Comments
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Satyam fraud prime accused Raju gets bail
New Delhi: Andhra Pradesh High Court has granted bail to B Ramalinga Raju, the prime accused in the multi crore Satyam scam. The High Court granted bail to Raju on health grounds saying he should not be discharged from the hospital. Raju has been undergoing treatment for Hepatitis C in government-run hospital here for last nine months. With Raju getting the bail, all accused in the case are out of jail. In July, the Andhra High Court had granted bail to five former Satyam Computer executives, including former Managing Director B. Rama Raju, who is a brother of former Chairman Ramalinga Raju. Raju, a management graduate from Ohio University who founded Satyam in 1987, shocked investors in January 2009 when he said profits of the company had been overstated for years and assets were falsified. The 56-year-old Raju has been in jail since January last year when he shocked the corporate India by admitting 7,800 crore accounting fraud in Satyam Computer Services, which he had founded. In April, India's federal crime bureau said it had filed charges against nine people including Raju for alleged involvement in accounting fraud at the outsourcing firm. The charges include criminal conspiracy, cheating and forgery and falsification of accounts, the Central Bureau of Investigation had said.

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