Satyam’s Raju: From small spinning unit to spinning big lies
11 April 2015 5:03 AM IST
Before falling from grace by admitting to India's biggest accounting fraud, B Ramalinga Raju was a poster boy of the Indian IT industry who rose to fame with a solution for the highly-feared Y2K crisis at the turn of 20th century for the entire world.
Interestingly, his first business venture was a spinning and weaving mill, named Sri Satyam, while his
undoing came in form of spinning a fraud to the tune of Rs 7,000 crore at Satyam Computer -- a company he founded and nurtured although with inflated profits and falsified books. 60-year-old Raju, who was sentenced by a CBI court on Thursday to 7 years in jail with a fine of Rs 5 crore, founded Satyam in 1987 and made it into what came to be known as India's fourth largest IT firm, which reaped huge profits after making software solutions to tackle the famous Y2K crisis.
Interestingly, his first business venture was a spinning and weaving mill, named Sri Satyam, while his
undoing came in form of spinning a fraud to the tune of Rs 7,000 crore at Satyam Computer -- a company he founded and nurtured although with inflated profits and falsified books. 60-year-old Raju, who was sentenced by a CBI court on Thursday to 7 years in jail with a fine of Rs 5 crore, founded Satyam in 1987 and made it into what came to be known as India's fourth largest IT firm, which reaped huge profits after making software solutions to tackle the famous Y2K crisis.
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