Rama Linga Raju gets 1849 Crore fine!

Economic Regulator of India Securities and Exchange Board of India (SEBI) had ordered tainted IT legend ‘Satyam’ Rama Linga Raju to stay away from the markets. This ban will be in place for 14 years. SEBI also ordered Raju to pay 1849 Crores along with interest in the next 45 days. This is the amount said to be earned illegal by Raju inflating the figures of Satyam Computers owned by him. Raju should also pay an interest of 12% to the above amount from January 7th 2009 – the day this mega-scam came to the light through a letter written by Raju himself.

On January 7, 2009, Rama Linga Raju in the position of then Chairman of Satyam Computers – had sent an email to the SEBI admitting and confessing that he inflated the cash and bank balances of the company, besides understating liabilities and other financial mis-statements. Later on the company was acquired by Tech Mahindra and then renamed as Mahindra Satyam. Recently the company was merged with Tech Mahindra.