The Satyam Computer Services scandal is a corporate scandal that occurred in India in 2009 where chairman Ramalinga Raju confessed that the company's accounts had been falsified. The global corporate community was shocked and scandalized when the chairman of Satyam, Ramalinga Raju resigned on January 7, 2009 and confessed that he had manipulated the accounts by 1.47 billion U.S. dollars. In February 2009, three charge sheets were filed on April 7, 2009, November 24, 2009 and January 7, 2010 which were later combined into one. On April 10, 2015, Ramalinga Raju and 10 other people were found guilty of collaborating to inflate the company's revenue, falsifying accounts and income tax returns and fabricating invoices among other things. They were sentenced to seven years imprisonment by the Hyderabad court. Raju and his brother were also fined by the court 55 million rupees ($883,960 US dollars) each.

More Info: