Satyam founder Ramalinga Raju convicted of grand corporate scam

Trending on Twitter Thursday morning is the hashtag Ramalinga Raju. Raju is the founder of Satyam Computer Services, a business that was started over 20 years ago. Along with nine other members of the company, he has been found guilty of criminal cheating and conspiracy in one of the biggest accounting scams India has ever witnessed. The accused have been charged with collaborating to inflate revenues, fabricate invoices, falsify accounts and income tax returns and fake fixed deposit receipts to paint a rosy picture of the company’s financials to deceive the public. The trial has spanned six years and Raju has already served close to three years in prison. More updates to follow. – Tracey Ruff

From the Associated Press

HYDERABAD, India (AP) — An Indian court has convicted the founder of an outsourcing giant and nine others on charges of stealing millions of dollars from the company.

B. Rama Raju, his two brothers and seven other officials of Satyam Computer Services face life imprisonment. Judge B.V.L.N. Chakravarthy will announce a sentence on Friday.

They were also convicted on charges of using forged documents, falsifying accounts and concealing evidence.

Investigators say the fraud by Raju and the others cost the company’s shareholders 140 billion rupees ($2.28 billion).

A year after the scandal erupted in 2009, Tech Mahindra, a unit of the Mahindra Group, bought a majority stake in the company for $351 million and changed its name Mahindra Satyam. – ANA-AP

Some of the tweets on Ramalinga Raju below:

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