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Head of ‘India's Enron’ Convicted for Fraud

  • VOA News

Satyam Computer Services founder B. Ramalinga Raju, center, arrives at a court in Hyderabad, India, Monday, March 9, 2015.

Satyam Computer Services founder B. Ramalinga Raju, center, arrives at a court in Hyderabad, India, Monday, March 9, 2015.

An Indian court convicted the founder of the outsourcing company Satyam Computer Services, along with several of his aides, on charges of stealing millions of dollars in one of the country's largest corporate fraud cases.

The court in Hyderabad on Thursday convicted B. Rama Raju, his brother, and eight others on charges of breach of public trust, using forged documents, falsifying accounts and concealing evidence.

Investigators said the fraud cost investors about $2.25 billion.

The case is known as "India's Enron," referring to the collapse of U.S. energy giant Enron in 2001 because of false accounting. The Satyam scandal erupted in 2009.

Sentencing is scheduled for Friday. Raju could be sentenced to life in prison.

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