founded Satyam Computers
in 1987 and was its Chairman until January 7, 2009 when he resigned from the Satyam board after admitting to cheating six million shareholders. After being held in Hyderabad
's Chanchalguda jail on charges including cheating, embezzlement and insider trading
, Raju was granted bail on 18 August 2010.
A botched acquisition attempt involving Maytas
in December 2008 led to a plunge in the share price of Satyam. He admitted to an accounting dupery to the tune of 7000 crore rupees
or 1.5 Billion US Dollars
and resigned from the Satyam board on January 7, 2009. Raju and his brother, B Rama Raju, were then arrested by the Andhra Pradesh
police on charges of breach of trust, conspiracy, cheating, falsification of records. Raju may face life imprisonment if convicted of misleading investors. Raju had also used dummy accounts to trade in Satyam's shares, violating the insider......